Section 23 — BANK SIMPANAN NASIONAL BERHAD ACT 1997

(a)

in the case of an individual, ten per centum; and

(b)

in the case of a person other than an individual, twenty per centum, except where the Minister, on being satisfied that it would not be—

(aa) prejudicial to the promotion of a sound financial structure in Malaysia; and

(bb) contrary to public interest to do so, otherwise approves.

(2)

For the purpose of paragraph (1)(a), where the person holding interests in the shares of the Bank is a corporation in which—

(a)

an individual;

(b)

that individual’s spouse; or

(c)

that individual’s child, holds, or any two or more of the persons mentioned in paragraphs

(a)

, (b) and (c) hold, severally or jointly, interests in shares of not less than seventy-five per centum of the shares of that corporation, such corporation shall be deemed to be an individual.

(3)

For the purposes of this section, in computing the holding of a person, the following shall be deemed to be the holding of such person and added on to his own holding:

(a)

where a person is an individual, the holding of his or her spouse, child or family corporation;

(b)

where a person is a corporation, the holding of its related or associate corporations;

(c)

where a person is a co-operative society, the holding of its subsidiaries as defined in section 2 of the Co-operative

Societies Act 1993 [Act 502], and of related or associate corporations of such subsidiaries; and

(d)

the holding of persons acting in concert with such person.

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(4)

For the purposes of paragraph (3)(a), a “family corporation”

means a corporation in which—

(a)

an individual;

(b)

that individual’s spouse; or

(c)

that individual’s child, holds, or any two or more of the persons mentioned in paragraphs

(a)

, (b) and (c) hold, severally or jointly, interests in the shares of more than fifty per centum of the shares of the corporation.

(5)

Any individual who holds ten or more than ten per centum interest in the shares of the Bank, or any person other than an individual who holds twenty or more than twenty per centum interest in the shares of the Bank, shall, prior to disposing of any interest in the shares of the Bank, notify the Minister in writing of such intended disposal and shall continue to notify the Minister of any further intended disposal so long as such individual or other person holds not less than five per centum interest in the shares of the Bank.

(6)

The Minister may, at any time by notice in writing, require any person to submit—

(a)

any information or particulars of any interest in the shares of the Bank acquired or held directly or indirectly either for his own benefit or for the benefit of any other person;

or

(b)

a statement of his current holding of interest in the shares of the Bank.

(7)

Any person who has been served with a notice under subsection (6) shall, within seven days of the receipt of such notice or such longer period as may be allowed by the Minister in any particular case, submit to the Minister all the necessary information or particulars, or the statement, as the case may be, as required by the Minister, duly verified by a statutory declaration.

(8)

Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both and, in the case of a continuing offence, to a further fine not exceeding fifty thousand ringgit for each day during which the offence continues after conviction.

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Bank Simpanan Nasional Berhad

Sanction required for reconstruction, etc., of the Bank