Section 157
Power of the Minister to issue directions
of Labuan Islamic Financial Services and Securities Act 2010
ActIn forceProvision 157 of 161
Section 157
(1)
The Minister may, on the written recommendation of the Authority, issue by notification in the Gazette, a direction—
(a)
prohibiting the formation of any business or activities, including any class of business or activities thereof; or
(b)
directing any licensed entity, to cease to carry on its business or part of its business either immediately or within such time as may be specified in the direction.
(2)
A direction made under this section may be revoked or varied by the Minister.