Malaysia legislation
Section 201
Section 201
Repeal, savings and transitional
(2)
The Labuan Trust Companies Act 1990 [Act 442], Offshore
Banking Act 1990 [Act 443], Offshore Insurance Act 1990
[Act 444] and Labuan Offshore Securities Industry Act 1998
(the “repealed Acts”) are repealed with effect from the effective date.
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(3)
Notwithstanding subsection (1)—
(a)
all—
(i)
regulations, orders, directions, notifications, exemptions and other subsidiary legislation, howsoever called; and
(ii)
all approvals, directions, decisions, notifications, exemptions and other executive acts, howsoever called, made, given or done under or in accordance with, or by virtue of the repealed Acts shall be deemed to have been made, given, or done under, or in accordance with, or by virtue of, the corresponding provisions of this Act, and shall continue to remain in full force and effect in relation to the persons to whom they applied until amended, repealed, rescinded, revoked or replaced under, in accordance with or by virtue of, the corresponding provisions of this Act;
(b)
every direction, notice, guideline or circular issued by the
Authority or the Minister under the repealed Acts before the effective date and in force immediately before the effective date, shall be deemed to have been lawfully issued under this Act in relation to the particular provision of this Act corresponding to the matter dealt with in the direction, notice, guideline or circular and shall remain in full force and effect until it is amended, rescinded or repealed under this Act;
(c)
any application for an approval or consent, or for any other purpose whatsoever, or any appeal relating to such application, made by any person to the Minister or to the
Authority under the repealed Acts before the effective date, and pending immediately before the effective date, shall, if there is a corresponding provision in this Act, be dealt with as if it was made under that provision and, if there is no such corresponding provision in this Act, such application or appeal shall lapse on the effective date; and
Act 704
(d)
all transactions or dealings lawfully executed or entered into, and all business lawfully done, under or in accordance with the repealed Acts by a person who is approved or registered under the repealed Acts, with any other person, shall be deemed to have been lawfully and validly executed, entered into, or done, under and in accordance with this Act, and accordingly, any right or liability under such transactions or dealings, immediately before the effective date, shall be deemed to continue to be lawful and valid under this Act.
(3)
Where a reference is made in any written law to the “Labuan
Offshore Securities Industry Act 1998”, the “Offshore Trust
Companies Act 1990” the “Offshore Banking Act 1990”, and the
“Offshore Insurance Act 1990”, on and after the appointed date, such reference shall be construed as a reference to the relevant
Parts of this Act.
(4)
Without prejudice to the generality of the above, the
Labuan International Financial Exchange that was established by the Minister under section 30 of the repealed Labuan Offshore
Securities Industry Act 1998 that was approved and recognized immediately before the effective date shall be deemed to have been approved under the corresponding provisions of this Act.
(5)
Any condition or restriction imposed by the Minister on the
Labuan International Financial Exchange and in force immediately before the effective date shall be deemed to be a condition or restriction to which its approval or recognition under this Act is subject.
(6)
Without prejudice to the generality of subsection (2) and subject to the provisions of this Act, any person who holds any of the following licences or is granted registration, as the case may be, immediately before the effective date shall, from that date, be deemed to be licensed under this Act in respect of the activity which that person was carrying on under the first-mentioned licence:
(a)
a manager’s licence granted under the repealed Labuan
Offshore Securities Industry Act 1998;
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(b)
an administrator registered under the repealed Labuan
Offshore Securities Industry Act 1998;
(c)
a trust company registered under the repealed Labuan
Trust Companies Act 1990;
(d)
an offshore banking licence and an offshore investment banking licence granted under the repealed Offshore
Banking Act 1990;
(e)
an offshore insurance licence granted under the repealed
Offshore Insurance Act 1990.
(7)
Any condition or restriction to which any licence or registration referred to in subsection (6) was subject immediately before the effective date, to the extent that it is consistent with the provisions of this Act, shall be deemed to be a condition or restriction to which the corresponding licence referred to in subsection (6) is subject.
Continuance of other rights, liabilities, etc., under the repealed
Acts