Malaysia legislation
Section 12
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2022
Section 12
The principal Act is amended by inserting before section 47
of Chapter 2 of Part IV the following section:
(a)
“total insured deposits” means the total deposits separately insured as Islamic deposits or conventional deposits under section 42, calculated in such manner as specified by the Corporation;
(b)
“transferring party” means a person, including a deposit-taking member, which transfers its business under a business transfer scheme;
(c)
“business transfer scheme” refers to a scheme of transfer for the whole or material part of the deposit-taking business; and
(d)
“transfer date” means the date on which a business transfer scheme takes effect as specified by the Corporation.
(2)
For the purposes of paragraph (1)(c), the Corporation may specify what constitutes a material part of the deposit-taking business.”.
Substitution of section 47