23. Amendment of section 25

Section 25 of the principal Act is amended—

(a)

in the shoulder note, by inserting after the word

“subsidiaries” the words “or acquisition or holding of material interest in corporations”;

(b)

in subsection (1), by inserting after the word “Malaysia”

the words “, or acquire or hold any material interest in any corporation”;

(c)

by deleting subsection (2);

(d)

in subsection (3), by inserting after the word “subsidiary”

the words “, or acquire or hold any material interest in any corporation,”;

Development Financial Institutions (Amendment)

(e)

by substituting for subsection (4) the following subsection:

“(4) Every prescribed institution shall at all times comply with any condition as may be specified by the Bank under subsection (3).”; and

(f)

by inserting after subsection (4) the following subsection:

“(5) The Bank may specify what constitutes

“material interest” for the purposes of subsection (1)

and paragraph 26(1)(d).”.

Report

Division 1