In forceUpdated to 6 Oct 2023Read it in Bahasa Malaysia

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Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part IX · Miscellaneous

130. Savings

(1)

Any requirement for the approval of the Minister or the

Bank, as the case may be, under this Act shall be deemed to have been given in accordance with the provisions of this Act and shall continue to remain in full force and effect in relation to the persons to whom it applies until modified, rescinded or revoked in accordance with the provisions of this Act.

(2)

The chief executive officer or director of a prescribed institution shall, on the commencement date, be deemed to have complied with the Minimum Criteria for Appointment in the First Schedule and notwithstanding any disqualification under section 7, shall continue to remain in office until the expiry of his term of appointment.

*NOTE—Savings in respect of prescribed institution carrying on Islamic financial business–see section 112 of the Development Financial Institutions (Amendment) Act 2015 [Act A1502] which comes into operation on 31 January 2016.

Development Financial Institutions 149

Terms defined in this Act

Bank
Defined · s 3
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
Open s 3
Chief Executive Officer
Defined · s 3
“Chief Executive Officer”, in relation to an institution, means an individual, who either individually or jointly with one or more other persons, is responsible, subject to the authority of the directors, for the conduct of the business and the administration of the institution;
Open s 3
development
Defined · s 3
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
Open s 3
director
Defined · s 3
“director” includes any person who occupies the position of a director, and includes a person in accordance with whose directions and instructions the directors or officers are accustomed to act and an Development Financial Institutions 19 alternate or substitute director, and without prejudice to the foregoing, in the case of— (a) a co-operative society, means a member of the board, or other governing body, of the co-operative society; (b) a statutory body, means a member of the board, committee, council or other governing body of the statutory body; (c) a partnership, means a partner; (d) a sole proprietorship, means the sole proprietor; and (e) any other body, association or group of persons, whether corporate or unincorporate, means a person having the direction and control of the management of its business or affairs;
Open s 3
Islamic financial business
Defined · s 33A
“Islamic financial business” means the business or activity in accordance with Shariah which a prescribed institution is approved to carry on under paragraph 33B(1)(a) or (b), which may include— (a) accepting Islamic deposits on current account, deposit account, savings account or other similar accounts, with or without the business of paying or collecting cheques drawn by or paid in by customers; and (b) accepting money under an investment account.
Open s 33A
Minister
Defined · s 3
“Minister” means the Minister for the time being charged with the responsibility for finance;
Open s 3
office
Defined · s 3
“office” includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set up and maintained for a limited period only, an electronic terminal and any other place of business;
Open s 3
prescribed institution
Defined · s 3
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
Open s 3

Report

130. Savings

Terms defined in this Act

Schedules