Banking and Financial Institutions Act 1989 · s 14

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

14. (1) No institution shall be granted a licence under section 6 (4) nor shall such institution so licensed carry on its licensed business without the written consent of the Minister if—
(a) being a company, its capital funds unimpaired by losses or otherwise are less than the minimum amount of capital funds;
(b) being a foreign company—
(i) its capital funds unimpaired by losses are less than the minimum amount of capital funds; and
(ii) its net working funds in Malaysia unimpaired by losses are less than the minimum amount of net working funds; or
(c) subject to subsection (3), it is owned or controlled directly or indirectly by a foreign government or an agency of such government.
(2) Every licensed institution shall maintain a minimum amount of capital funds or a minimum amount of net working funds, as the case may be, and if such minimum amount is at any time increased, the licensed institution shall maintain the increased amount within such period as may be stated in the order making the increase, and the period so stated shall not be less than three months.
(3) Where the Minister is satisfied that a licensed institution has become owned or controlled directly or indirectly by a foreign government or an agency of such government, the Minister may allow the institution to continue to hold its licence for such temporary period or periods and subject to such condition or conditions as the Minister may determine for the purposes of winding-up its business in Malaysia or of enabling the foreign government or agency of such government to divest itself of the ownership or control of the institution.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 14

(1)

No institution shall be granted a licence under section 6 (4) nor shall such institution so licensed carry on its licensed business without the written consent of the Minister if—

(a)

being a company, its capital funds unimpaired by losses or otherwise are less than the minimum amount of capital funds;

(b)

being a foreign company—

(i)

its capital funds unimpaired by losses are less than the minimum amount of capital funds; and

(ii)

its net working funds in Malaysia unimpaired by losses are less than the minimum amount of net working funds; or

(c)

subject to subsection (3), it is owned or controlled directly or indirectly by a foreign government or an agency of such government.

(2)

Every licensed institution shall maintain a minimum amount of capital funds or a minimum amount of net working funds, as the case may be, and if such minimum amount is at any time increased, the licensed institution shall maintain the increased amount within such period as may be stated in the order making the increase, and the period so stated shall not be less than three months.

(3)

Where the Minister is satisfied that a licensed institution has become owned or controlled directly or indirectly by a foreign government or an agency of such government, the Minister may allow the institution to continue to hold its licence for such temporary period or periods and subject to such condition or conditions as the Minister may determine for the purposes of winding-up its business in Malaysia or of enabling the foreign government or agency of such government to divest itself of the ownership or control of the institution.