Malaysia legislation

Section 24

of BANK SIMPANAN NASIONAL BERHAD ACT 1997

Section 24

(a)

which will result in a change in the control of the Bank or its holding company;

(b)

for the sale, disposal, or transfer of the whole or any part of the business of the Bank;

(c)

for the amalgamation or merger of the Bank with any other person; or

(d)

for the reconstruction of the Bank, unless—

(i)

the proposed agreement or arrangement is in writing;

and

(ii)

all the parties thereto have first made an application in writing to the Minister for his approval of such agreement or arrangement and have obtained the

Minister’s approval thereto.

(2)

For the purposes of this section, “business” means any activity carried on for the purpose of gain or profit and includes all property derived from, or used in or for the purpose of, carrying on such activity and all rights and liabilities arising from such activity.

(3)

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 ten million ringgit or to imprisonment for a term not exceeding ten years or to both.

Bank to report acquisition or disposal of aggregate of five per centum holding to Minister

Read in full context — BANK SIMPANAN NASIONAL BERHAD ACT 1997 →