Banking and Financial Institutions Act 1989 · As enacted · Part V · Subsidiaries and Offices of Licensed Institutions
Section 29
Official textFrom Laws of Malaysia Online, unchanged
No licensed institution shall—
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
if it is a licensed local institution, establish or acquire any subsidiary in or outside Malaysia; or
licensed local institution
"licensed local institution" means any licensed institution established in Malaysia;
if it is a licensed foreign bank, establish or acquire any subsidiary in Malaysia, without the prior written consent of the Bank.
licensed foreign bank
"licensed foreign bank" means any licensed bank established outside Malaysia;
Terms defined in s 2
licensed foreign bank
Defined · s 2"licensed foreign bank" means any licensed bank established outside Malaysia;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
licensed local institution
Defined · s 2"licensed local institution" means any licensed institution established in Malaysia;
subsidiary
Defined · s 2"subsidiary" has the meaning assigned thereto under section 5 of the Companies Act 1965.
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