Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part III · Restrictions on Business
25. Control of establishment or acquisition of subsidiaries or acquisition or holding of material interest in corporations
Feedback & supportUnless the Bank otherwise approves in writing, no prescribed institution shall establish or acquire any subsidiary in or outside
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
Malaysia, or acquire or hold any material interest in any corporation.
(Deleted by Act A1502).
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The Bank may approve an application to establish or acquire a subsidiary or acquire or hold any material interest in any corporation, under subsection (1), with or without conditions, or reject the application.
subsidiary
“subsidiary” has the same meaning as in section 5 of the *Companies Act 1965;
Every prescribed institution shall at all times comply with any condition as may be specified by the Bank under subsection (3).
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
The Bank may specify what constitutes “material interest” for the purposes of subsection (1) and paragraph 26(1)(d).
specify
“specify” means specify in writing by way of standards or any other forms;