In forceUpdated to 6 Oct 2023Read it in Bahasa Malaysia

Contents

Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part VI · Control of Defaulter

55. Action by the Minister

Notwithstanding section 54, the Minister may, on the recommendation of the Bank, prescribe—

(a)

for the Bank to assume control of all or part of the property, business and affairs of the prescribed institution, and carry on all or part of its business and affairs, or for the

Bank to appoint any person to do so on behalf of the Bank, and for the costs and expenses of the Bank, or the remuneration of the person so appointed, to be payable out

Development Financial Institutions 79

of the funds and properties of the prescribed institution as a first charge on it;

(b)

whether or not an order has been made under paragraph (a), authorize an application to be made by the Bank to the High

Court to appoint a receiver or manager to manage all or part of the business, affairs and property of the prescribed institution, and for all such incidental, ancillary or consequential orders or directions of the High Court in relation to such appointment as may, in the opinion of the

Bank, be necessary or expedient; or

(c)

whether or not an order has been made under paragraph (a)

or (b), authorize the Bank to present a petition to the High

Court for the winding up of the prescribed institution.

Terms defined in s 3

Bank
Defined · s 3
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
Open s 3
business
Defined · s 3
“business” means any activity carried on for the purpose of gain or profit and includes all property derived from, or used in, or for the purpose of, carrying on such activity and all rights and liabilities arising from such activity;
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development
Defined · s 3
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
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Minister
Defined · s 3
“Minister” means the Minister for the time being charged with the responsibility for finance;
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person
Defined · s 3
“person” includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
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prescribe
Defined · s 3
“prescribe” means prescribed by order published in the Gazette;
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prescribed institution
Defined · s 3
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
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property
Defined · s 3
“property” means any movable or immovable property, whether tangible or intangible and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property of which the person executing the conveyance is the proprietor or has possession or in which he is entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (d) any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; or (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation, trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;
Open s 3

Report

Read on from s 56

Part VII

Auditor and Accounts

Read on from Part VII

Part VIII

Examination and Investigation

Read on from Part VIII

Part IX

Miscellaneous

Read on from Part IX