Banking and Financial Institutions Act 1989 · s 79

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s 79

Any reference in this Part to a licensed institution shall be read as including a reference to—

(a)

a related corporation of such licensed institution; and

(b)

a person controlled by a director or directors of the licensed institution, or by persons acting in concert with a director or directors of the licensed institution.

Provided that nothing in this Part shall apply to a related corporation of a licensed foreign bank, where the related corporation is established outside Malaysia and is not carrying on business in Malaysia.