Malaysia legislation
Section 52
Section 52
(2)
Where control of the Bank has been assumed by the Minister or by the appointed person by order made under paragraph 49(2)(a)—
(a)
the Minister shall remain in control of the property, business and affairs of the Bank, and any person appointed by him under paragraph 49(2)(b) shall carry on such business and affairs in the name and on behalf of the Bank until such time as the appointment is revoked;
(b)
the appointed person shall remain in control of the property, business and affairs of the Bank and shall carry on the business and affairs of the Bank in the name and on behalf of the Bank as provided in the order appointing him until such time as the order is revoked under subsection 49(6).
(3)
Throughout the period of control of the Bank under paragraph 49(2)(a), there shall be vested in the Minister, or in the appointed person, as the case may be, all the powers of the Bank, and of its directors, under the constituent documents of the Bank, or exercisable by the Bank or its directors under any written law, or otherwise, regardless whether such powers are exercisable by the resolution, special resolution, or in any other manner, and any difficulty arising in relation thereto may be resolved by the Minister by a direction in writing.
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(4)
During the period of control by the Minister or the appointed person, as the case may be, under paragraph 49(2)(a), no director of the Bank shall, either directly or indirectly, engage in any activity in relation to the Bank, except as may be required or authorized by the Minister, or the appointed person, as the case may be, and no remuneration of whatever nature shall accrue or be payable to any director of the Bank, except such as may be approved in writing by the Minister, or the appointed person, as the case may be, in relation to any activity required as aforesaid by the Minister, or the appointed person, as the case may be.
(5)
For the avoidance of doubt, it is hereby declared that the assumption of control under paragraph 49(2)(a) shall not have the effect of conferring on, or vesting in, the Minister, or the appointed person, as the case may be, any title to, or any beneficial interest in, any property of the Bank to which the order relates.
(6)
Any person who contravenes subsection (1) or (4) 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.
Power to reduce share capital and to cancel shares of the Bank when subject to an order under paragraph 49(2)(a)