Malaysia legislation
Section 41
Section 41
(i)
the auditor under section 40 (11) (c); and
(ii)
in the case of a licensed local institution, the directors under section 169 (5) of the Companies Act 1965, and
(iii)
in the case of a licensed foreign bank, the directors, prepared in the manner set out in section 169 (5), (6), (7) and (8) of the Companies Act 1965 and containing the matters, information, particulars and details required to be contained in a report under that section, notwithstanding that the said section does not apply to the licensed foreign bank.
(2)
Within the time stipulated in subsection (1), a licensed institution shall, in addition to the requirements under subsection (1), submit to the Bank
(a)
where it is a licensed local institution with offices or subsidiaries outside Malaysia, all the documents referred to under subsection (1) in respect of—
(i)
its operations in each country outside Malaysia; and
(ii)
its entire operations both in and outside Malaysia on a consolidated basis and.
(b)
where it is a licensed foreign bank, the balance sheet and such other documents as may be specified by the Bank, in respect of its entire operations both in and outside Malaysia.
(3)
The Bank may, either before or after a licensed institution has complied with the requirements of subsection (1) or (2), require the licensed institution referred to in subsection (1) or (2) to submit further or additional information as it may deem necessary either by way of explanation, amplification or otherwise with regard to any documents submitted under subsection (1) or (2), as the case may be, or to amend or modify the documents as to form or content as the Bank may deem appropriate.
(4)
Unless and until the Bank has informed the licensed institution in writing that—
(a)
the Bank is satisfied that the licensed institution has complied with the provisions of subsections (1) and (3); and
(b)
the documents and information supplied thereunder are in such form and contain such information as is acceptable to the Bank, the licensed institution shall not—
(A)
lay its accounts before its general meeting;
(B)
publish the same under section 42; or
(C)
take such other action in relation thereto as the Bank may specify, except where the Bank otherwise approves in writing, and any such approval may be made subject to such terms and conditions as may be set out therein.
(5)
Subject to subsection (4), a licensed institution shall within six months after the close of its financial year, or such further period as the Bank may approve, submit to the Bank four copies each of the documents mentioned in subsection (1) together with the approval or other decision of the annual general meeting of the licensed institution in respect thereof.