Banking and Financial Institutions Act 1989 · s 81

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81. (1) Where a licensed institution becomes unable to meet all or any of its obligations, or suspends payment to any extent, the properties of the institution in Malaysia shall be available to meet all liabilities of that institution in respect of deposits in Malaysia in priority over all other liabilities of the institution in Malaysia.
(2) In determining the total liabilities of a licensed institution to a person under subsection (1), no account shall be taken in respect of a deposit if it was made with the institution, or received by the institution, in contravention of this Act after the effective date, or if it was otherwise unlawfully made or received whether before or after the effective date.
(3) In determining the total liabilities of an institution 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.
(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.

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s 81

(1)

Where a licensed institution becomes unable to meet all or any of its obligations, or suspends payment to any extent, the properties of the institution in Malaysia shall be available to meet all liabilities of that institution in respect of deposits in Malaysia in priority over all other liabilities of the institution in Malaysia.

(2)

In determining the total liabilities of a licensed institution to a person under subsection (1), no account shall be taken in respect of a deposit if it was made with the institution, or received by the institution, in contravention of this Act after the effective date, or if it was otherwise unlawfully made or received whether before or after the effective date.

(3)

In determining the total liabilities of an institution 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.

(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.

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