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 94
Official textFrom Laws of Malaysia Online, unchanged
Where an order has been made under section 93 (1) in respect of a non-scheduled institution referred to in paragraph (b) of the definition of "non-scheduled institution" in section 2 (1), the Minister may, on the recommendation of the Bank, where he deems it necessary to do so in the interests of the depositors, creditors, customers, or members of the non-scheduled institution, or in the interests of any class or category thereof, respectively, revoke or restrict, subject to such terms and conditions as he may deem fit and proper, any licence, registration, certificate, or other authorisation whatsoever by or under which it is established, appointed or constituted, or is carrying on the business of the provision of finance.
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 purposes of taking action under subsection (1) the Minister may, where practicable to do so apply mutatis mutandis the provisions of this Act relating to the revocation or restriction of the licence of a licensed institution, with all such modifications, variations, adaptations, alterations, amendments, additions, deletions or substitutions, as he may consider necessary or expedient.
Minister
"Minister" means the Minister for the time being charged with the responsibility for finance;
Where any revocation or restriction has been effected under subsection (1) in respect of any non-scheduled institution, such institution and any other person affected by the revocation or restriction shall comply with such revocation or restriction and with any terms or conditions to which it has been made subject.
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;
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;
licence
Defined · s 2"licence" means a licence granted or deemed to be granted under section 6 (4);
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;
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;
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;
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;
Part XIII
Information and Secrecy
Part XIV
Offences
Part XV