Malaysia legislation
Section 95
Section 95
New section 107a
The principal Act is amended by inserting before section 108
the following section:
“Enforceable undertakings 107a. (1) The Minister or the Bank may accept a written undertaking given by a person in connection with a matter relating to the powers and functions of the Minister or the
Bank, as the case may be.
(2)
The written undertaking accepted under subsection (1)
may be varied or withdrawn by the person giving the undertaking with the consent of the Minister or the Bank, as the case may be.
(3)
If the Bank considers that a person who has given a written undertaking to the Minister or the Bank has breached any of the terms of the undertaking—
(a)
the Bank may apply, in relation to the undertaking given to the Bank; or
(b)
the Bank may recommend to the Minister to apply, in relation to the undertaking given to the Minister, to the High Court for an order under subsection (4) by way of originating summons.
(4)
If the High Court is satisfied that a person has breached any of the terms of the undertaking, the High Court may make any or all of the following orders:
(a)
an order directing the person to comply with the undertaking;
(b)
an order directing the person to pay to the Federal
Consolidated Fund an amount up to the amount of any financial benefit that the person obtained, whether directly or indirectly, that is reasonably attributable to the breach;
(c)
any order that the High Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; or
(d)
any other order that the High Court considers appropriate.
(5)
The Bank shall be entitled to be heard in proceedings relating to an application made to the High Court in respect of a breach of undertaking given to the Minister.”.
Amendment of section 108