Section 70
Amendment or alteration of constituent documents of Islamic bank licensee
of Labuan Islamic Financial Services and Securities Act 2010
Every Islamic bank licensee which is a Labuan company shall, prior to the making of any amendment or alteration to any of its constituent documents, furnish to the Authority particulars in writing as to such proposed amendment or alteration for the approval of the Authority.
Act 705
(2)
Every Islamic bank licensee which is a foreign Labuan company or a Malaysian bank shall within three months after the making of any amendment or alteration to its constituent documents, furnish to the Authority particulars in writing of such amendment or alteration duly authenticated in a manner acceptable to the Authority by a director of the Islamic bank licensee.
(3)
No Islamic bank licensee shall make any amendment or alteration that is contrary to any written law to its constituent documents.
(4)
No participant of the Islamic bank licensee who holds fifteen per centum or more of the paid-up capital of the Islamic bank licensee shall be changed without the prior written approval of the Authority and, where the Islamic bank licensee is a foreign
Labuan company, it shall promptly notify the Authority of any change in its participants who hold fifteen per centum or more of its paid-up capital.