Malaysia legislation
Section 24
Section 24
Section 26 of the principal Act is amended—
(a)
in the shoulder note, by inserting after the word “subsidiary”
the words “or material interest in corporations”;
(b)
in subsection (1)—
(i)
by deleting the word “or” at the end of paragraph (b); and
(ii)
by substituting for the full stop at the end of paragraph (c) the words “; or”, and inserting after that paragraph the following paragraph:
“(d) dispose of all or any of its interest in its subsidiary or corporation in which it holds a material interest.”;
(a)
is consistent with the business carried on by the prescribed institution; or
(b)
directly or indirectly affect the safety and soundness of the prescribed institution.”;
and
(c)
by inserting after subsection (1) the following subsection:
“(1a) In determining the interest of a prescribed institution under subsection (1), the Bank shall take into consideration matters that the Bank considers relevant including whether the activities of that subsidiary or corporation in which the prescribed institution holds a material interest—
(d)
by deleting subsection (3).
Amendment of section 27