Malaysia legislation
Section 26
Section 26
(a)
rationalise the business of any of its subsidiaries;
(b)
transfer the business of any of its subsidiaries to another corporation, including the prescribed institution or any of its other subsidiaries;
(c)
wind up any of its subsidiaries; or
(d)
dispose of all or any of its interest in its subsidiary or corporation in which it holds a material interest.
(1A)
In determining the interest of a prescribed institution under subsection (1), the Bank shall take into consideration matters that the
Bank considers relevant including whether the activities of that subsidiary or corporation in which the prescribed institution holds a material interest—
(a)
is consistent with the business carried on by the prescribed institution; or
Development Financial Institutions 45
(b)
directly or indirectly affect the safety and soundness of the prescribed institution.
(2)
For the purposes of subsection (1), the prescribed institution shall comply with the Bank’s direction within such period as the Bank may specify.
(3)
(Deleted by Act A1502).
Restriction or prohibition of business