Malaysia legislation
Section 63
Section 63
No licensed institution shall give any credit facility under any exemption by the Bank referred to in section 62 (1), or give any credit facility under section 62 (3), unless the following conditions are satisfied:
(a)
the person to whom the credit facility is given has creditworthiness which is not less than that normally required by the institution of other persons to whom credit facilities are given;
(b)
the terms of the credit facility are not less favourable to the licensed institution than those normally offered to other persons;
(c)
the giving of the credit facility will be in the interests of the licensed institution; and
(d)
the credit facility is approved by all other directors of the licensed institution at a duly constituted meeting of the directors where not less than three quarters of all the directors of the licensed institution are present and such approval has been recorded in the minutes of that meeting.