Malaysia legislation
Section 66
Section 66
(b)
any immovable property or any right or interest therein, except such as may be reasonably necessary for the purpose of conducting its business, or of providing housing or other amenities for its staff, and as may in either case be approved by the Bank.
(a)
any shares of, or otherwise have an interest in shares in, any corporation; or
(2)
Subsection (1) shall not apply in respect of—
(a)
any share or interest in shares, or any immovable property or any right or interest in immovable property, acquired by a licensed institution—
(i)
by way of security for giving any credit facility to any person or for incurring any liability on behalf of any person;
(ii)
in the course of the realisation of any security given to or held by the licensed institution; or
(iii)
before the effective date, where the holding of the same was lawful immediately before such date; or
(b)
any shares or interest in shares acquired by a licensed institution under an agreement entered into by the licensed institution, with the approval of the Bank, with any corporation to which any credit facility was given, or on whose behalf any liability was incurred, by the licensed institution, whereby shares of such corporation are issued to the licensed institution in partial or full satisfaction of the credit facility given, or the liability incurred;
(3)
Any share or interest in shares, or any immovable property or any right or interest in any immovable property, acquired pursuant to subsection (2) (a) (i) or (ii) or (b) by a licensed institution shall be disposed of as soon as practicable but not later than twelve months, or such longer period as the Bank may allow in any particular case, commencing on the date on which the same was acquired.
(A)
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