Section 20

after the effective date, set up a representative office in Malaysia unless it has first—

obtained the written approval of the Bank to set up such representative office; and

where such representative office was set up in Malaysia before the effective date, continue to maintain such representative office, 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.

No foreign institution shall, through its representative office, or otherwise howsoever, carry on within Malaysia any of the businesses referred to in section 4 or any scheduled business.

Subject to the prohibition under subsection (2), a foreign institution may carry on, through its representative office or otherwise howsoever, only such activities or business as may be specified by the Bank.