Banking and Financial Institutions Act 1989 · As enacted · Part X · Powers of Supervision and Control Over Licensed Institutions
Section 70
Official textFrom Laws of Malaysia Online, unchanged
The Minister may at any time direct the Bank to make an examination of the books or other documents, accounts and transactions of any licensed institution and of any office outside Malaysia of a licensed local institution, if he suspects that such licensed institution is carrying on its business in a manner which is, or which is likely to be, detrimental to the interests of its depositors or creditors, or has insufficient assets to cover its liabilities to the public, or is contravening any provision of this Act or the Ordinance.
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
Terms defined in s 2
liabilities
Defined · s 2"liabilities" includes debts, duties and obligations of every kind, whether present or future, or whether vested or contingent;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
licensed local institution
Defined · s 2"licensed local institution" means any licensed institution established in Malaysia;
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
office
Defined · s 2"office" includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set up and maintained for a limited period only, an electronic terminal and any other place of business;
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