Banking and Financial Institutions Act 1989 · As enacted · Part X · Powers of Supervision and Control Over Licensed Institutions
Section 79
Official textFrom Laws of Malaysia Online, unchanged
Any reference in this Part to a licensed institution shall be read as including a reference to—
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
a related corporation of such licensed institution; and
related
"related", in relation to a corporation, means related within the meaning of section 6 of the Companies Act 1965;
a person controlled by a director or directors of the licensed institution, or by persons acting in concert with a director or directors of the licensed institution.
person
"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
Provided that nothing in this Part shall apply to a related corporation of a licensed foreign bank, where the related corporation is established outside Malaysia and is not carrying on business in Malaysia.
corporation
"corporation" has the meaning assigned thereto by the Companies Act 1965;
Terms defined in s 2
corporation
Defined · s 2"corporation" has the meaning assigned thereto by the Companies Act 1965;
director
Defined · s 2"director" includes any person who occupies the position of a director, by whatever name called and, in particular, without prejudice to the foregoing, in the case of— (a) a corporation, has the meaning assigned thereto by the Companies Act 1965; (b) a co-operative society, means a member of the board, or other governing body howsoever called, of the co-operative society; (c) a statutory body, means a member of the board, committee, council or other governing body, howsoever called, of the statutory body; (d) a partnership, means a partner; (e) a sole proprietorship, means the sole proprietor; and (f) any other body, association or group of persons, whether corporate or unincorporate, means any person having the direction and control of the management of its affairs or business;
established
Defined · s 2"established", in relation to— (a) a corporation, means incorporated; (b) a statutory body, means its coming into existence under the law establishing, appointing or constituting it; (c) a co-operative society, means registered; (d) a partnership, means its formation; (e) a sole-proprietorship, means the commencement of its business; or (f) any other individual, body, association or group of persons, whether corporate or unincorporate, which requires registration or other form of recording or recognition under any written law before it can lawfully commence its activities, means its registration, recording or recognition thereunder;
licensed foreign bank
Defined · s 2"licensed foreign bank" means any licensed bank established outside Malaysia;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
person
Defined · s 2"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
related
Defined · s 2"related", in relation to a corporation, means related within the meaning of section 6 of the Companies Act 1965;
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