Banking and Financial Institutions Act 1989 · As enacted · Part XII · Application of Parts X and XI to Non-Scheduled Institutions Engaged in Provision of Finance
91. Where—
Official textFrom Laws of Malaysia Online, unchanged
the Minister charged with the responsibility for a non-scheduled institution which is a statutory body;
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
in the case of a non-scheduled institution which is not a statutory body, the Minister charged with the responsibility for non-scheduled institutions of the class, category, or description to which the non-scheduled institution belongs, or with the responsibility for the subject or matter relating to any of the businesses or activities carried on by the non-scheduled institution; or
non-scheduled institution
"non-scheduled institution" means— (a) any statutory body; or (b) any person, being an individual, or a body or organization, not being a statutory body, whether corporate or unincorporate, whether or not licensed, registered or authorised under any written law, who or which is neither liable to be licensed under this Act, nor subject to the provisions of Part III;
the State Authority in the case of—
a non-scheduled institution which is a statutory body established by State law or by any subsidiary legislation made under any State law; or
statutory body
"statutory body" means any authority or body, whether corporate or unincorporate, established, appointed or constituted by any written law, but does not include any local authority;
any other non-scheduled institution which falls under the responsibility, powers, control or jurisdiction of the State Authority, is satisfied, after making such inquiries as such Minister, or the State Authority, as the case may be, deems necessary, that the non-scheduled institution is engaged in the provision of finance, whether lawfully or unlawfully, and that—
the interests of the existing or potential depositors, creditors, or customers of the non-scheduled institution are in any way threatened, whether by the manner in which the institution is conducting or proposes to conduct its business or affairs, or for any other reason;
it is unable, or is likely to become unable, to meet all or any of its obligations; or
it has suspended, or is about to suspend, payment to any extent to all or any class or category of its depositors, creditors or customers, such Minister or such State Authority, as the case may be, may submit a report on the matter to the Minister with a recommendation to investigate into the affairs of the non-scheduled institution.
Terms defined in s 2
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;
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
non-scheduled institution
Defined · s 2"non-scheduled institution" means— (a) any statutory body; or (b) any person, being an individual, or a body or organization, not being a statutory body, whether corporate or unincorporate, whether or not licensed, registered or authorised under any written law, who or which is neither liable to be licensed under this Act, nor subject to the provisions of Part III;
provision of finance
Defined · s 2"provision of finance" includes— (a) the lending of money; (b) leasing business; (c) factoring business; (d) the purchase of bills of exchange, promissory notes, certificates of deposit, debentures or other negotiable instruments; and (e) the acceptance or guarantee of any liability, obligation or duty of any person;
statutory body
Defined · s 2"statutory body" means any authority or body, whether corporate or unincorporate, established, appointed or constituted by any written law, but does not include any local authority;
subsidiary
Defined · s 2"subsidiary" has the meaning assigned thereto under section 5 of the Companies Act 1965.
Part XIII
Information and Secrecy
Part XIV
Offences
Part XV