Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part IX · Miscellaneous
107A. Enforceable undertakings
Feedback & supportThe Minister or the Bank may accept a written undertaking given by a person in connection with a matter relating to the powers and functions of the Minister or the Bank, as the case may be.
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
The written undertaking accepted under subsection (1) may be varied or withdrawn by the person giving the undertaking with the consent of the Minister or the Bank, as the case may be.
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;
If the Bank considers that a person who has given a written undertaking to the Minister or the Bank has breached any of the terms of the undertaking—
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
the Bank may apply, in relation to the undertaking given to the Bank; or
the Bank may recommend to the Minister to apply, in relation to the undertaking given to the Minister, to the High Court for an order under subsection (4) by way of originating summons.
132
If the High Court is satisfied that a person has breached any of the terms of the undertaking, the High Court may make any or all of the following orders:
an order directing the person to comply with the undertaking;
an order directing the person to pay to the Federal
Consolidated Fund an amount up to the amount of any financial benefit that the person obtained, whether directly or indirectly, that is reasonably attributable to the breach;
any order that the High Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; or
any other order that the High Court considers appropriate.
The Bank shall be entitled to be heard in proceedings relating to an application made to the High Court in respect of a breach of undertaking given to the Minister.