Section 53
of Development Financial Institutions Act 2002
ActIn forceProvision 69 of 248
Section 53
(1)
A prescribed institution, which considers that it is insolvent, or is likely to become unable to meet all or any of its obligations or that it is about to suspend payment to any extent, shall immediately inform the Bank of that fact.
(2)
Any prescribed institution that contravenes subsection (1)
commits an offence and shall on conviction be liable to a fine not exceeding twenty-five million ringgit.
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