Malaysia legislation
Section 72
Section 72
Section 84 of the principal Act is amended—
(a)
by substituting for the words “the examiner” wherever appearing the words “the Bank”;
(b)
in subsection (1)—
(i)
by inserting after the words “prescribed institution”
the words “or its subsidiary”; and
(ii)
by substituting for paragraph (a) the following paragraph:
“(a) shall afford the Bank access to its documents, including documents of title to its assets, all securities held by it in respect of its customers’ transactions and investments held by it, cash, premises, apparatus, equipment or machinery, and produce to the Bank all such documents or cash, as the Bank may require within such time as the Bank may specify;”;
(c)
by substituting for subsection (2) the following subsection:
“(2) Any person who contravenes subsection (1)
commits an offence and shall on conviction be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.”;
(d)
in subsection (3), by substituting for the words
“An examiner may take possession of a document or cash” the words “The Bank may take possession of any document, title, security, cash, apparatus, equipment or machinery”; and
(e)
by inserting after subsection (3) the following subsection:
“(4) Any person who refuses to allow the Bank to take possession of the document, title, security, cash, apparatus, equipment or machinery under subsection (3), commits an offence and shall on conviction be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.”.
Amendment of section 85