Banking and Financial Institutions Act 1989 · As enacted · Part III · Scheduled Businesses and Representative Offices
Section 19
Official textFrom Laws of Malaysia Online, unchanged
No person shall—
person
"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
after the effective date commence to carry on a scheduled business unless—
effective date
"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
it is a company; and
it has first complied with the requirements of section 21 (1); or
where it was carrying on a scheduled business immediately before the effective date, continue to carry on such business unless within ninety days after the effective date it has complied with the requirements of section 21 (1), and has obtained a written acknowledgement from the Bank in respect of such compliance.
scheduled business
"scheduled business" means any business specified in the Third Schedule;
Subsection (1) shall not apply to a co-operative society, a statutory body, a local authority, a licensed bank, a licensed finance company or a licensed merchant bank.
co-operative society
"co-operative society" means a co-operative society registered or deemed to be registered under the Co-operative Societies Act 1948, or the Co-operative Societies Ordinance of Sabah, or the Co-operative Societies Ordinance of Sarawak, a farmers' organization registered under the Farmers' Organization Act 1973 or a fishermen's association registered under the Fishermen's Association Act 1971;
Terms defined in s 2
co-operative society
Defined · s 2"co-operative society" means a co-operative society registered or deemed to be registered under the Co-operative Societies Act 1948, or the Co-operative Societies Ordinance of Sabah, or the Co-operative Societies Ordinance of Sarawak, a farmers' organization registered under the Farmers' Organization Act 1973 or a fishermen's association registered under the Fishermen's Association Act 1971;
effective date
Defined · s 2"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
licensed bank
Defined · s 2"licensed bank" means a bank licensed or deemed to be 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 merchant bank
Defined · s 2"licensed merchant bank" means a merchant bank licensed or deemed to be licensed under section 6 (4);
person
Defined · s 2"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
scheduled business
Defined · s 2"scheduled business" means any business specified in the Third Schedule;
statutory body
Defined · s 2"statutory body" means any authority or body, whether corporate or unincorporate, established, appointed or constituted by any written law, but does not include any local authority;
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