Section 46
Clearing houses and settlement of balances between financial institutions
of Central Bank of Malaysia Act 2009
In order to facilitate the clearing of cheques and other credit or payment instruments for financial institutions or any person approved by the Bank, the Bank or any body corporate established or acquired under paragraph 48(1)(c) may, at an appropriate time and in conjunction with such institutions or person, establish a clearing house in Kuala Lumpur and in such other place as the Bank or the body corporate may consider necessary.
(2)
A financial institution or any person approved by the Bank shall settle, in such manner as the Bank or the body corporate may from time to time specify by notice in writing, all balances between itself and any other financial institution or any person approved by the Bank arising out of the general clearances effected in Kuala Lumpur and such other
56 Laws of Malaysia ACT 701
places as the Bank or a body corporate established or acquired under paragraph 48(1)(c) may specify.