Section 7 — BANKING AND FINANCIAL INSTITUTIONS ACT 1989

(a)

any of the criteria specified in the Second Schedule are not or have not been fulfilled, or may not be or may not have been fulfilled, in respect of the institution;

(b)

the institution has failed to comply with any obligation imposed upon it by or under this Act;

(c)

the institution has contravened any condition imposed under the licence, or any other provision of the licence, or any provision of this Act, or any provision of the Ordinance, regardless that there has been no prosecution for an offence in respect of such contravention;

(d)

the Bank has, either in connection with the application for the licence, or at any time after the grant of the licence, been provided with false, misleading or inaccurate information by or on behalf of the institution, or by or on behalf of any person who is or is to be a director, controller, or manager of the institution;

(e)

the interests of persons dealing with the institution or likely to deal with the institution, as depositors, or as its customers in any other respect, or as its creditors, or otherwise howsoever, are in any way threatened, whether by the manner in which the institution is conducting or proposes to conduct its affairs or for any other reason;

(f)

the institution has not transacted within Malaysia any business in respect of which it is licensed for any continuous period of six months, or for any periods aggregating nine months during a continuous period of twelve months;

(g)

the institution has ceased to carry on any one or more of the fields of business for which it is licensed;

(h)

a composition or arrangement with creditors has been made in respect of the institution;

(i)

a receiver or manager of the institution's undertaking has been appointed;

(j)

possession has been taken, by or on behalf of the holders of any debenture secured by a charge, of any property of the institution comprised in or subject to the charge; or

(k)

the institution has insufficient assets to meet its liabilities.

(1)

the...

(2)

The Minister shall revoke a licence granted to an institution under section 6 (4) if it appears to the Minister that—

(a)

a winding-up order has been made against it; or

(b)

a resolution for its voluntary winding-up has been passed.

(3)

Any institution dissatisfied with any decision of the Minister to revoke its licence under this section may, within fourteen days of the decision being communicated to it, appeal against such decision to the High Court which may—

(a)

uphold the decision of the Minister;

(b)

quash the decision of the Minister; or

(c)

substitute for the decision of the Minister, an order to restrict the licence under section 8 in the same manner and to the same extent as the Minister may restrict a licence under that section.

(4)

The Bank shall be entitled to be heard on an appeal under subsection (3).