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
Section 92
Official textFrom Laws of Malaysia Online, unchanged
Where the Minister receives a report and recommendation under section 91, he may, after considering the same and making such inquiries in relation thereto as he deems necessary or expedient, decide, on the recommendation of the Bank—
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
not to take any action in the matter, and inform the Minister or the State Authority which submitted the report accordingly; or
that it is necessary to investigate and control the business and affairs of the non-scheduled institution concerned for the protection of the interests of the depositors, creditors, customers or members, or of any class or category of them, respectively.
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;
For the avoidance of doubt it is hereby declared that—
before the Minister makes a decision under subsection (1) (b); or
before the Minister referred to in section 91 (a) or (b), or the State Authority, submits the report and recommendation under section 91, to the Minister, it shall not be necessary for the Minister, or the Minister referred to in section 91 (a) or (b), or the State Authority, to give an opportunity to the non-scheduled institution concerned to make any representation whatsoever to the Minister, or to the Minister referred to in section 91 (a) or (b), or to the State Authority, as the case may.
Terms defined in s 2
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;
Part XIII
Information and Secrecy
Part XIV
Offences
Part XV