Section 57
Priority of payments in the event of insolvency of the Bank
of Bank Simpanan Nasional Berhad Act 1997
Where the Bank becomes unable to meet all or any of its obligations, or suspends payment to any extent, the properties of the Bank in Malaysia shall be available to meet all liabilities of the Bank in respect of deposits in Malaysia in priority over all other liabilities of the Bank in Malaysia.
(2)
In determining the total liabilities of the Bank to a person under subsection (1), no account shall be taken in respect of a deposit if it was made with the Bank, or received by the Bank, in contravention of this Act after the appointed date, or if it was otherwise unlawfully made or received whether before or after the appointed date.
(3)
In determining the total liabilities of the Bank to a person under subsection (1), there shall be deducted any right of set-off which existed immediately before the provisions of subsection (1)
became applicable to it.
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(4)
The provisions of this section shall have effect notwithstanding anything inconsistent therewith or contrary thereto in any written law other than this Act, or in any rule of law.