Banking and Financial Institutions Act 1989 · As enacted · Part X · Powers of Supervision and Control Over Licensed Institutions
Section 78
Official textFrom Laws of Malaysia Online, unchanged
Where the Bank considers that a licensed institution—
is likely to become unable to meet all or any of its obligations; or
is about to suspend payment to any extent, the Bank, with the concurrence of the Minister, may, notwithstanding section 31 of, but without prejudice to section 42 of, the Ordinance—
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
grant loans to that licensed institution against the security of that institution's own shares, or any other shares, or any other sufficient security;
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
purchase any shares of that licensed institution for the purpose of controlling the business of that institution; or
The Bank, or the licensed institution to which the Bank has granted loans under subsection (1) (C), shall dispose of any shares purchased by it in pursuance of subsection (1) at such time when the Bank is satisfied that the reasons for which such shares were purchased have ceased to exist.
grant loans to another licensed institution to purchase any shares, or the whole or any part of the properties and liabilities, of the licensed institution referred to in paragraph (a) or (b).
In exercising any power conferred on the Bank under this section, the Bank shall consult the Advisory Panel.
Advisory Panel
"Advisory Panel" means the Advisory Panel established under section 31A (2) of the Ordinance;
Terms defined in s 2
Advisory Panel
Defined · s 2"Advisory Panel" means the Advisory Panel established under section 31A (2) of the Ordinance;
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);
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
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