Banking and Financial Institutions Act 1989 · As enacted · Part II
Section 5
Official textFrom Laws of Malaysia Online, unchanged
An application for a licence to carry on any of the businesses referred to in section 4 shall be made in writing to the Minister by submitting the application to the Bank together with the following:
licence
"licence" means a licence granted or deemed to be granted under section 6 (4);
a copy of the memorandum and articles of association or other constituent documents under which the applicant is established, duly verified by a statutory declaration made by a director of the applicant;
constituent documents
"constituent documents", in relation to an institution, means the statute, charter, memorandum of association and articles of association, rules and by-laws, partnership agreement, or other instrument, under or by which the institution is established and its governing and administrative structure and the scope of its functions, business, powers and duties are set out, whether contained in one or more documents;
a copy of the latest audited balance sheet of the applicant;
a statement on the following:
the name, place and date of the establishment of the applicant;
the names, places and dates of the establishment of its related corporations;
the sources of the applicant's funds, and the purposes for which and the manner in which they are utilised;
the principal business and field of operations of the applicant and of its related corporations; and
the names and addresses of the directors of the applicant and its related corporations, and of the substantial shareholders within the meaning of section 69D of the Companies Act 1965, of the applicant and its related corporations; and
related
"related", in relation to a corporation, means related within the meaning of section 6 of the Companies Act 1965;
such other information or documents as may be specified by the Bank for the purposes of determining the application and the suitability of the applicant for the licence.
At any time after receiving an application and before it is determined by the Minister, the Bank may by written notice require the applicant or any person who is or is to be a director, controller or manager of the applicant to provide additional information or documents.
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
The matters specified under subsection (1) (d) or the requirements under subsection (2) may differ as between different applicants, or different classes, categories or descriptions of applicants.
An application under this section may be withdrawn at any time before it is granted or refused.
Where any additional information or document required under subsection (2) is not provided by the applicant or its director, controller or manager, as the case may be, 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 applicant.
document
"document" includes— (a) any letters, figures, marks, symbols, signals, inscriptions, writing, sign, caricature, picture, drawing, or other representation whatsoever in any form; and (b) any visual recording (whether of still or moving images), any sound recording, or any electronic, magnetic, mechanical or other recording whatsoever, and howsoever made, on any substance, material, thing or article;
Terms defined in s 2
constituent documents
Defined · s 2"constituent documents", in relation to an institution, means the statute, charter, memorandum of association and articles of association, rules and by-laws, partnership agreement, or other instrument, under or by which the institution is established and its governing and administrative structure and the scope of its functions, business, powers and duties are set out, whether contained in one or more documents;
controller
Defined · s 2"controller", in relation to an institution, means a person who— (a) has an interest in more than fifty per centum of the shares of the institution; (b) has the power to appoint or cause to be appointed a majority of the directors of the institution; or (c) has the power to make or cause to be made, decisions in respect of the business or administration of the institution, and to give effect to such decisions or cause them to be given effect to, and the word "control" shall be construed accordingly;
director
Defined · s 2"director" includes any person who occupies the position of a director, by whatever name called and, in particular, without prejudice to the foregoing, in the case of— (a) a corporation, has the meaning assigned thereto by the Companies Act 1965; (b) a co-operative society, means a member of the board, or other governing body howsoever called, of the co-operative society; (c) a statutory body, means a member of the board, committee, council or other governing body, howsoever called, of the statutory body; (d) a partnership, means a partner; (e) a sole proprietorship, means the sole proprietor; and (f) any other body, association or group of persons, whether corporate or unincorporate, means any person having the direction and control of the management of its affairs or business;
document
Defined · s 2"document" includes— (a) any letters, figures, marks, symbols, signals, inscriptions, writing, sign, caricature, picture, drawing, or other representation whatsoever in any form; and (b) any visual recording (whether of still or moving images), any sound recording, or any electronic, magnetic, mechanical or other recording whatsoever, and howsoever made, on any substance, material, thing or article;
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;
licence
Defined · s 2"licence" means a licence granted or deemed to be granted under section 6 (4);
manager
Defined · s 2"manager", in relation to an institution, means an officer of the institution by whatever name called, responsible for an office of the institution, or for a department or a division of such institution or of its office;
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
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 III
Scheduled Businesses and Representative Offices
Part IV
Restrictions Relating to Acceptance and Solicitation of, Advertisement for, and Inducement to Make, Deposits
Part V
Subsidiaries and Offices of Licensed Institutions
Part VI
Restrictions on Dealings of Licensed Institutions
Part VII
Financial Requirements and Duties of Licensed Institutions
Part VIII
Ownership, Control and Management of Licensed Institutions
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