Section 49

which will result in a change in the control of a licensed institution or its holding company;

for the sale, disposal, or transfer howsoever, of the whole or any part of the business of a licensed institution;

for the amalgamation or merger of a licensed institution with any other person; or

for the reconstruction of a licensed institution unless—

the proposed agreement or arrangement is in writing; and

all the parties thereto have first made an application in writing to the Minister for his approval of such agreement or arrangement and have obtained the Minister's approval thereto.

An application under subsection (1) shall be made by submitting it to the Bank together with a copy of the proposed agreement or arrangement and all other information and documents as may be related, directly or indirectly, to the agreement or arrangement or relevant to its consideration.

At any time after receiving an application and before it is determined by the Minister, the Bank may, by written notice, require the applicants or any of them, or any person who is a director, controller or manager of any of the applicants, to provide any additional information or documents.

Where any additional information or document required under subsection (3) is not provided by any person from whom it is required within the time specified in the requirement or any extension thereof granted by the Bank, the application shall be deemed to be withdrawn and shall not be further proceeded with, without prejudice to a fresh application being made by the applicants.

The Bank shall, on an application having been duly made in accordance with the foregoing provisions of this section and after being provided with all such information and documents as it may require, consider the application, and make a recommendation to the Minister whether the application shall be approved or refused and as to the modifications, variations or conditions, if any, subject to which it may be approved.

A recommendation to approve an application shall not be made if the Bank is satisfied that it would be contrary to any other provision of this Act to approve the application, or that it would be detrimental to the soundness of the financial structure of Malaysia to do so.

Upon receiving an application and the recommendation of the Bank under this section, the Minister may approve the application with or without any modifications, variations or conditions, or refuse the application.

Where the Minister refuses an application, the Bank shall notify the applicants in writing of the refusal.

An application under—

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In this section, "business" has the meaning assigned to it in section 50 (8).