Banking and Financial Institutions Act 1989 · As enacted · Part II
Section 12
Official textFrom Laws of Malaysia Online, unchanged
A licensed institution may surrender its licence by forwarding it to the Bank with a written notice of its surrender.
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
The surrender shall take effect on the date the Bank receives the licence and the notice under subsection (1), or where a later date is specified in the notice, on that date.
The surrender of a licence shall be irrevocable unless it is expressed to take effect on a later date and before that date the Bank by notice in writing to the institution allows the surrender to be withdrawn.
licence
"licence" means a licence granted or deemed to be granted under section 6 (4);
The Bank shall publish in the Gazette as soon as practicable a notice of every surrender of a licence under this section, but delay in publishing such notice or failure to publish it shall not affect the validity of the surrender.
Terms defined in s 2
licence
Defined · s 2"licence" means a licence granted or deemed to be granted under section 6 (4);
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
Part III
Scheduled Businesses and Representative Offices
Part IV
Restrictions Relating to Acceptance and Solicitation of, Advertisement for, and Inducement to Make, Deposits
Part V
Subsidiaries and Offices of Licensed Institutions
Part VI
Restrictions on Dealings of Licensed Institutions
Part VII
Financial Requirements and Duties of Licensed Institutions
Part VIII
Ownership, Control and Management of Licensed Institutions
Part IX
Restrictions on Business of Licensed Institutions
Part X
Powers of Supervision and Control Over Licensed Institutions
Part XI
Investigation, Search and Seizure
Part XII
Application of Parts X and XI to Non-Scheduled Institutions Engaged in Provision of Finance
Part XIII
Information and Secrecy
Part XIV
Offences
Part XV