Banking and Financial Institutions Act 1989 · As enacted · Part XVI
Section 131
Official textFrom Laws of Malaysia Online, unchanged
The Companies Act 1965 is amended—
by substituting for the definition of "banking corporation" in section 4 (1) of that Act the following:
corporation
"corporation" has the meaning assigned thereto by the Companies Act 1965;
' "banking corporation" means a licensed bank, a licensed merchant bank and an Islamic bank;';
licensed bank
"licensed bank" means a bank licensed or deemed to be licensed under section 6 (4);
by inserting in section 4 of that Act immediately after subsection (1), the following new subsection (1A):
In this Act—
"licensed bank", "licensed business", "licensed discount house", "licensed finance company", "licensed institution", "licensed merchant bank", "licensed money-broker", "nonscheduled institution", "scheduled business" and "scheduled institution" shall have the meanings assigned thereto in section 2(1) of the Banking and Financial Institutions Act 1989; and
"Islamic bank" or "Islamic banking business" shall have the meaning assigned thereto in the Islamic Banking Act 1983.';
by substituting for the words "finance company licensed under the Finance Companies Act 1969" in section 169 (19) of that Act the words "a licensed finance company, a licensed discount house, a licensed moneybroker, a scheduled institution in respect of which the Minister charged with responsibility for finance has made an order under section 24 (1) of the Banking and Financial Institutions Act 1989 and a non-scheduled institution in respect of which such Minister has made an order under section 93 (1) of that Act";
by substituting for paragraph (f) of section 217 (1) of that Act, the following:
" (f) in the case of a company which is a licensed institution, or a scheduled institution in respect of which the Minister charged with responsibility for finance has made an order under section 24 (1) of the Banking and Financial Institutions Act 1989, or a non-scheduled institution in respect of which such Minister has made an order under section 93 (1) of that Act, Bank Negara Malaysia,";
by deleting paragraph (g) of section 217 (1) of that Act;
by substituting for paragraph (j) of section 218 (1) of that Act the following:
" (j) the company has held a licence under the Banking and Financial Institutions Act 372. Act 276. Act 1989 or the Islamic Banking Act 1983, and that licence has been revoked or surrendered; or"; and
by substituting for paragraph (k) of section 218 (1) of that Act the following:
" (k) the company has carried on Islamic banking business, licensed business, or scheduled business, or it has accepted, received or taken deposits in Malaysia, in contravention of the Islamic Banking Act 1983 or the Banking and Financial Institutions Act 1989, as the case may be."
Terms defined in s 2
banking business
Defined · s 2"banking business" means— (a) the business of— (i) receiving deposits on current account deposit account, savings account or other similar account; (ii) paying or collecting cheques drawn by or paid in by customers; and (iii) provision of finance; or (b) such other business as the Bank, with the approval of the Minister, may prescribe;
corporation
Defined · s 2"corporation" has the meaning assigned thereto by the Companies Act 1965;
finance company
Defined · s 2"finance company" means a person which carries on finance company business;
Islamic bank
Defined · s 2"Islamic bank" means a bank licensed under the Islamic Banking Act 1983;
licence
Defined · s 2"licence" means a licence granted or deemed to be granted under section 6 (4);
licensed bank
Defined · s 2"licensed bank" means a bank licensed or deemed to be licensed under section 6 (4);
licensed business
Defined · s 2"licensed business" means a business licensed or deemed to be licensed under section 6 (4);
licensed discount house
Defined · s 2"licensed discount house" means a discount house licensed under section 6 (4);
licensed finance company
Defined · s 2"licensed finance company" means a finance company licensed or deemed to be licensed under section 6 (4);
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
licensed merchant bank
Defined · s 2"licensed merchant bank" means a merchant bank licensed or deemed to be licensed under section 6 (4);
licensed money-broker
Defined · s 2"licensed money-broker" means a money-broker 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 business
Defined · s 2"scheduled business" means any business specified in the Third Schedule;
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;