Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part VI · Control of Defaulter
53. Inability to meet obligations
Feedback & support(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.
prescribed institution
Defined · s 3
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
(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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