Section 15
Transfer of business
of Development Financial Institutions Act 2002
ActIn forceProvision 17 of 248
Section 15
(1)
Unless the Minister otherwise approves, a prescribed institution shall not sell, dispose of, or transfer the whole or any part of its business, including all property derived from, or used in or for the purpose of such business.
(2)
Any prescribed institution that 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.