Banking and Financial Institutions Act 1989 · As enacted · Part VIII · Ownership, Control and Management of Licensed Institutions
Section 46
Official textFrom Laws of Malaysia Online, unchanged
No person shall hold more than the following percentages of interests in shares of a licensed local institution:
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;
in the case of an individual, ten per centum; and
in the case of a person other than an individual, twenty per centum.
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For the purpose of subsection (1) (a), where the person holding interests in shares of a licensed local institution is a corporation in which—
licensed local institution
"licensed local institution" means any licensed institution established in Malaysia;
an individual;
that individual's spouse; or
that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of not less than seventy-five per centum of the shares of that corporation, such corporation shall be deemed to be an individual.
For the purposes of this section, in computing the holding of a person the following shall be deemed to be the holding of such person and added on to his own holding:
where a person is an individual, the holding of his or her spouse, child or family corporation;
where a person is a corporation, the holding of its related or associate corporations;
2 of the Co-operatives Societies Act 1948, and of related or associate corporations of such subsidiaries; and
where a person is a co-opereative society, the holding of its subsidiaries as defined in section
the holding of persons acting in concert with such person.
For the purposes of subsection (3) (a), "family corporation" means a corporation in which—
corporation
"corporation" has the meaning assigned thereto by the Companies Act 1965;
the individual;
that individual's spouse; or
that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of more than fifty per centum of the shares of the corporation.
Terms defined in s 2
child
Defined · s 2"child" includes a step-child and a person adopted as a child under any written law of Malaysia or of any country, territory or place outside Malaysia, or under any custom recognised by any class or category of persons in Malaysia or in any country, territory or place outside Malaysia;
corporation
Defined · s 2"corporation" has the meaning assigned thereto by the Companies Act 1965;
licensed local institution
Defined · s 2"licensed local institution" means any licensed institution established in Malaysia;
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;
related
Defined · s 2"related", in relation to a corporation, means related within the meaning of section 6 of the Companies Act 1965;
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