In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia

Contents

Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Appeals

170. Consequences of revocation or surrender of licence

(1)

Where the revocation of a licence or registration under section 167 or the surrender of a licence or registration under section 169 has taken effect, the licensed entity shall, as from the date such revocation or surrender takes effect, cease to transact any further business.

(2)

Notwithstanding subsection (1), where a licensed entity continues to exist as a corporation after the revocation of its licence has taken effect, the Minister may, on the recommendation of the Authority, authorize in writing such licensed entity to continue to transact its business activities to such extent and for such duration as the Minister may specify in the authorization for the purposes of the winding-up of its affairs or for the purposes of meeting the claims of its policy owners, other customers or creditors.

Labuan Financial Services and Securities 161

(3)

Every licensed entity whose licence has been revoked or surrendered shall continue to be subject to the provisions of this

Act as long as its liabilities remain unsatisfied or not otherwise provided for.

GENERAL

Terms defined in this Act

Authority
Defined · s 2
“Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
Open s 2
corporation
Defined · s 2
“corporation” means any body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes a foreign Labuan company but does not include— (a) a corporation sole; (b) a trade union registered under any written law as a trade union; and (c) a society registered under any written law relating to co-operative societies;
Open s 2
Labuan
Defined · s 2
“Labuan” means the Federal Territory of Labuan;
Open s 2
liabilities
Defined · s 2
“liabilities” includes debts, duties and obligations of every kind, whether present or future, or whether vested or contingent;
Open s 2
licence
Defined · s 2
“licence” means a licence granted or renewed under this Act;
Open s 2
licensed entity
Defined · s 2
“licensed entity” means a person licensed or registered to carry on any activity under any Part;
Open s 2
Minister
Defined · s 2
“Minister” means the Minister charged with the responsibility for finance;
Open s 2
policy
Defined · s 101
“policy” means an insurance policy and includes a cover note or any written contract of insurance whether or not embodied in or evidenced by an instrument in the form of an insurance policy; and any reference to a policy of an insurer includes a reference to any policy in respect of which the insurer is under any liability, whether the policy was issued by the insurer or the liability was transferred to the insurer from another insurer;
Open s 101
securities
Defined · s 2
“securities” means any investments commonly known or capable of being described as securities, and includes— (a) shares, debentures, funds, units, interests in a limited partnership or limited liability partnership or unit trust or foundation or protected cell company or corporation; (b) debentures, bonds or notes of or issued by any body (incorporated or unincorporated), government, local government or public authority; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…
Open s 2
specify
Defined · s 2
“specify”, where no mode is mentioned, means specify from time to time in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons;
Open s 2

Report

Read on from s 171

170. Consequences of revocation or surrender of licence

Terms defined in this Act

Schedules