Banking and Financial Institutions Act 1989 · As enacted · Part XV · General Provisions
Section 122
Official textFrom Laws of Malaysia Online, unchanged
Where a licensed institution or a scheduled institution or non-scheduled institution in respect of which the Minister has made an order under section 24 (1), or 93 (1), respectively is a corporation to which all or any of the provisions of the Companies Act 1965 apply, such provisions shall be in addition to the provisions of this Act and not in derogation thereof, but where there is any conflict or inconsistency between the provisions of the Companies Act 1965 and this Act in their respective application to the institution, the provisions of this Act shall prevail.
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
Where any difficulty or doubt arises in the application of subsection (1) in relation to any particular institution, or any particular matter or circumstance, or generally, the Minister may on the reference of the difficulty or doubt to him by the Bank, resolve the same by a direction in writing.
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
References to "this Act" in this section shall not include any regulations, order or other subsidiary legislation made under this Act.
subsidiary
"subsidiary" has the meaning assigned thereto under section 5 of the Companies Act 1965.
Terms defined in s 2
corporation
Defined · s 2"corporation" has the meaning assigned thereto by the Companies Act 1965;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
non-scheduled institution
Defined · s 2"non-scheduled institution" means— (a) any statutory body; or (b) any person, being an individual, or a body or organization, not being a statutory body, whether corporate or unincorporate, whether or not licensed, registered or authorised under any written law, who or which is neither liable to be licensed under this Act, nor subject to the provisions of Part III;
scheduled institution
Defined · s 2"scheduled institution" means a person which carries on a scheduled business but does not include a cooperative society, a statutory body, a local authority, a licensed bank, a licensed finance company, or a licensed merchant bank, carrying on a scheduled business;
subsidiary
Defined · s 2"subsidiary" has the meaning assigned thereto under section 5 of the Companies Act 1965.