Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part V · Dealings with Government Funds
49. Transfer of trust fund
Feedback & supportThe Minister may, on the recommendation of the Bank, direct a prescribed institution to transfer all the assets and liabilities of any trust fund to another trust fund maintained and managed by the prescribed institution.
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
Notwithstanding subsection (1), the Minister may, on the recommendation of the Bank, direct a prescribed institution to transfer any trust fund to another person, including a prescribed institution and section 16 shall apply to the transfer with the necessary modification.
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
Any prescribed institution that fails to comply with the direction under subsection (1) or (2) commits an offence and shall on conviction be liable to a fine not exceeding five million ringgit.
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);