Banking and Financial Institutions Act 1989 · As enacted · Part III · Scheduled Businesses and Representative Offices
Section 23
Official textFrom Laws of Malaysia Online, unchanged
No person, not being a person referred to in section 19 (2), shall assume or use the words "building credit", "building society", "charge card", "credit card", "credit token", "development finance", "factoring" or "leasing", "traveller's cheque", or "travellers' cheque", or any derivatives of these words in any language, or any other words in any language capable of being construed as indicating the carrying on of such business in relation to the business or any part of the business carried on by such person, or make any representation to such effect in any bill head, letter paper, notice, advertisement, or in any other manner whatsoever, unless it is a scheduled institution which, or in the case of a person carrying on a scheduled business immediately before the effective date, within ninety days after the effective date, has complied with the requirements of section 21 (1) and has obtained a written acknowledgement from the Bank in respect thereof.
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;
Terms defined in s 2
advertisement
Defined · s 2"advertisement" means the disseminating or conveying of information, invitation or solicitation by any means or in any form, including by means of— (a) publication in a newspaper, magazine, journal or other periodical; (b) display of posters or notices; (c) circulars, handbills, brochures, pamphlets, books or other documents; (d) letters addressed to individuals or bodies; (e) photographs or cinematograph films; and (f) sound broadcasting, television or other electronic media;
development
Defined · s 2"development" includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture; or (b) such other business as the Bank, with the approval of the Minister, may prescribe;
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;
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;
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;
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