Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part II · Management, Ownership and Control
14. Change in control, amalgamation and merger
Feedback & supportUnless the Minister otherwise approves, no person shall—
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
subject to subsection 12(1), take control of a prescribed institution or its holding company; or
amalgamate or merge with any prescribed institution.
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.
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;