Malaysia legislation
Section 26
Section 26
(2)
Where the Bank proposes to provide its property as security in respect of a credit facility to be given by any person to the Bank or to any other person, it shall, before doing so, submit a report on the matter to the Minister.
(3)
The report required to be submitted under subsection (1) or
(2)
shall contain all relevant details and particulars of the transaction and shall, in any case, include the following:
(a)
the names and addresses of the persons to whom the credit facility is proposed to be given;
(b)
details of the property to be provided as security for the proposed credit facility; and
(c)
the amount of the proposed credit facility.
(4)
Any person who fails to comply with subsection (1) or (2)
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 five thousand ringgit for each day during which the offence continues after conviction.
41
Bank Simpanan Nasional Berhad
Defence relating to contravention of provisions of this Part