Banking and Financial Institutions Act 1989 · As enacted · Part VIII · Ownership, Control and Management of Licensed Institutions
Section 48
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (2), nothing contained in sections 45, 46 and 47 shall render invalid any acquisition or disposal of any interest in the shares of a licensed institution by any person where the same had been completed, or any holding of any such interest in shares which existed, at any time before the effective date and was lawful and valid immediately before such date.
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
An acquisition, holding or disposal of any interest in shares to which subsection (1) applies shall be taken into account in determining the validity under section 45, 46 or 47, as the case may be, of any acquisition or disposal of an interest in the shares of a licensed institution effected after the effective date.
effective date
"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
Terms defined in s 2
effective date
Defined · s 2"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
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 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