Section 24

Notwithstanding the provisions of any other written law, the Minister may, if he is satisfied that it is necessary to regulate any particular scheduled institution or representative office, or any class, category or description of scheduled institutions or representative offices generally, to—

promote monetary stability and a sound financial structure;

influence the credit situation to the advantage of Malaysia; or

protect the interest of the public in respect of the business or activities carried on by such particular scheduled institution or representative office, or such scheduled institutions or representative offices, on the recommendation of the Bank, by order published in the Gazette, declare that any or all the provisions of Parts V, VI, VII, VIII, IX, X, XI and XIII shall apply to such particular scheduled institution or representative office, or to such class, category or description of scheduled institutions or representative offices generally, from such date, and with such modifications, variations, adaptations, alterations, amendments, additions, deletions or substitutions, as may be specified in the order.

Where an order under subsection (1) is published in the Gazette, the provisions of this Act which are thereby made applicable to such particular scheduled institution or representative office, or such class, category or description of scheduled institutions or representative offices, shall apply as if the references therein to a licensed institution were references to such particular scheduled institution or representative office, or to a scheduled institution or representative office belonging to such class, category or description of scheduled institutions or representative offices.

The powers exercisable under this section against a representative office shall also be exercisable against the foreign institution of which it is a representative office where the Minister, on the recommendation of the Bank, considers it necessary to exercise such powers against the foreign institution in order to regulate the representative office.