Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part II · Management, Ownership and Control
19. Application to the Bank
Feedback & supportAny application for the Minister’s approval under subsection 12(1), 14(1) or 15(1) shall be made to the Bank together with such information and documents as the Bank may specify.
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
Where any information or document required by the Bank is not provided within the time specified or any extended time granted by the
Bank, the application shall, without prejudice to a fresh application being made, be deemed to be withdrawn.
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
The Bank shall consider the application under subsection (1)
and make a recommendation to the Minister whether the application should be approved or refused.
A recommendation to approve an application shall not be made if the Bank is satisfied that it would be contrary to the public interest to do so.
Upon receiving an application and the recommendation of the
Bank under this section, the Minister may approve the application with or without any modification or condition, or refuse the application.
modification
“modification” includes amendment, adaptation, alteration, variation, addition, division, substitution or exclusion;
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Any person who fails to comply with any modification or condition imposed by the Minister under subsection (5) commits an offence and shall on conviction be liable to a fine not exceeding ten million ringgit.
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;
Where the Minister refuses an application, the Bank shall notify the applicant in writing of the refusal.
A person who submits or provides any information or document under subsection (1) which he knows, or has reason to believe, to be false or misleading commits an offence and shall on conviction be liable to a fine not exceeding ten million ringgit.