Banking and Financial Institutions Act 1989 · As enacted · Part VIII · Ownership, Control and Management of Licensed Institutions
Section 47
Official textFrom Laws of Malaysia Online, unchanged
A licensed institution shall not hold any interest in the shares—
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
where it is a licensed bank, of another licensed bank established in Malaysia, or of a subsidiary of another licensed institution which is not related to it;
licensed bank
"licensed bank" means a bank licensed or deemed to be licensed under section 6 (4);
where it is a licensed finance company, a licensed discount house or a licensed moneybroker, of another licensed institution, or of a subsidiary of another licensed institution which is not related to it; or
licensed finance company
"licensed finance company" means a finance company licensed or deemed to be licensed under section 6 (4);
where it is a licensed merchant bank, of another licensed bank or licensed merchant bank established in Malaysia, or of a subsidiary of another licensed institution which is not related to it, except where the Minister, on the recommendation of the Bank, otherwise approves.
licensed merchant bank
"licensed merchant bank" means a merchant bank licensed or deemed to be licensed under section 6 (4);
Terms defined in s 2
established
Defined · s 2"established", in relation to— (a) a corporation, means incorporated; (b) a statutory body, means its coming into existence under the law establishing, appointing or constituting it; (c) a co-operative society, means registered; (d) a partnership, means its formation; (e) a sole-proprietorship, means the commencement of its business; or (f) any other individual, body, association or group of persons, whether corporate or unincorporate, which requires registration or other form of recording or recognition under any written law before it can lawfully commence its activities, means its registration, recording or recognition thereunder;
licensed bank
Defined · s 2"licensed bank" means a bank licensed or deemed to be licensed under section 6 (4);
licensed discount house
Defined · s 2"licensed discount house" means a discount house licensed under section 6 (4);
licensed finance company
Defined · s 2"licensed finance company" means a finance company licensed or deemed to be licensed under section 6 (4);
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
licensed merchant bank
Defined · s 2"licensed merchant bank" means a merchant bank licensed or deemed to be licensed under section 6 (4);
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
related
Defined · s 2"related", in relation to a corporation, means related within the meaning of section 6 of the Companies Act 1965;
subsidiary
Defined · s 2"subsidiary" has the meaning assigned thereto under section 5 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