Malaysia legislation
Section 38
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2022
Section 38
Amendment of section 134a
(a)
in paragraph (2)(a), by inserting after the words
“its Islamic banking business” the words “including the
Islamic banking funds or any accounts established under subsection 15(3) of the Financial Services Act 2013, subject to paragraph (aa)”;
(b)
in subparagraph (2)(a)(ii)—
(i)
by substituting for the words “subsection 292(1)”
the words “subsection 527(1)”; and
(ii)
by deleting the word “and” at the end of the subparagraph;
(c)
by inserting after paragraph (2)(a), the following paragraph:
“(aa) notwithstanding subsection 527(1) of the
Companies Act 2016, but subject to any costs and expenses of the winding up set out in paragraph 527(1)(a) of the Companies Act 2016
directly incurred in realising the assets of the investment accounts and any tax set out in paragraph 527(1)(f) of the Companies Act 2016
which is attributable to the investment accounts, the assets of the investment accounts managed by the deposit-taking member in Malaysia, shall be available, in the order set out as follows:
(i)
to pay outstanding costs or expenses of the investment accounts;
(ii)
to pay any profit, fees, gains or other remuneration due to the deposit-taking member; and
(iii)
to meet the liabilities to the investment account holders; and”; and
(d)
by deleting subsection (3).
Substitution of section 134b