Banking and Financial Institutions Act 1989 · As enacted · Part IV · Restrictions Relating to Acceptance and Solicitation of, Advertisement for, and Inducement to Make, Deposits
Section 28
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;
make, publish, or facilitate the making or publication of, a statement, promise or forecast which he knows to be misleading, false or deceptive;
dishonestly conceal any material fact; or
recklessly make or publish (dishonestly or otherwise), or recklessly facilitate the making or publication (dishonestly or otherwise) of a statement, promise or forecast which is misleading, false or deceptive, if he makes, publishes, or facilitates the making or publication of, such statement, promise or forecast, or conceals such material fact, for the purpose of inducing, or is reckless as to whether the same may induce, another person (whether or not it is the person to whom the statement, promise or forecast is made or from whom such material fact is concealed) to—
make, or refrain from making, a deposit; or
deposit
"deposit" means a sum of money received or paid on terms— (a) under which it will be repaid, with or without interest or at a premium or discount; or (b) under which it is repayable, either wholly or in part, with any consideration in money or money's worth, and such repayment being either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a loan, an advance, an investment, a saving, a sale or a sale and repurchase, but does not include money paid bona fide- (A) by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided; (B) by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract; (C) without prejudice to paragraph (B), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and (D) in such other circumstances, or to or by such other person, as specified in the First Schedule;
enter, or refrain from entering, into an agreement for the purpose of making a deposit, with him or any other person.
agreement
"agreement" means an agreement whether formal or informal, oral or written, express or implied;
Terms defined in s 2
agreement
Defined · s 2"agreement" means an agreement whether formal or informal, oral or written, express or implied;
deposit
Defined · s 2"deposit" means a sum of money received or paid on terms— (a) under which it will be repaid, with or without interest or at a premium or discount; or (b) under which it is repayable, either wholly or in part, with any consideration in money or money's worth, and such repayment being either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a loan, an advance, an investment, a saving, a sale or a sale and repurchase, but does not include money paid bona fide- (A) by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided; (B) by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract; (C) without prejudice to paragraph (B), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and (D) in such other circumstances, or to or by such other person, as specified in the First Schedule;
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;
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