Section 120
Bridge institution authorized to carry on business
of Malaysia Deposit Insurance Corporation Act 2011
ActIn forceProvision 128 of 236
Section 120
(1)
Upon its designation as such, and for so long as that designation continues, a bridge institution shall be deemed to have been issued a licence to carry on business as—
(a)
a licensed bank;
Malaysia Deposit Insurance Corporation 133
(b)
an Islamic bank;
(c)
an insurance company; or
(d)
a takaful operator.
(2)
The bridge institution shall not be required to pay any fee in relation to such licence.