Section 41
of Malaysia Deposit Insurance Corporation Act 2011
Section 41
For the purposes of this Part—
(a)
“deposit” means the unpaid balance of the aggregate of deposits as defined under subsection 2(1) received or held by a deposit-taking member from or on behalf of a person and includes—
(i)
a bank draft, traveller’s cheque, prepaid letter of credit, money order or other similar instrument in respect of which the deposit-taking member is primarily liable and which meets the criteria as specified by the Corporation;
(ii)
cheque or other similar instrument or instruction entered into a payment system designated under subsection 30(1) of the Financial Services Act 2013
or subsection 39(1) of the Islamic Financial Services
Act 2013 notwithstanding any delay or failure by the deposit-taking member in crediting the account;
(iii)
a foreign currency deposit; or
(iv)
any liability or financial instrument as may be specified by the Corporation, but excludes, unless it is otherwise specified by the
Corporation under subparagraph (iv)—
(A)
a deposit that is not payable in Malaysia;
Malaysia Deposit Insurance Corporation 59
(B)
a money market deposit;
(C)
a negotiable instrument of deposit and any other bearer deposit;
(D)
a repurchase agreement;
(E)
a deposit that is payable by a deposit-taking member in the course of its Labuan banking business conducted under the Labuan Financial Services and
Securities Act 2010 [Act 704] or its Labuan Islamic banking business conducted under the Labuan
Islamic Financial Services and Securities Act 2010
[Act 705];
(EA) an investment linked to derivatives; and
(F)
any other liability or financial instrument as may be specified by the Corporation;
(b)
“trust account” includes monies held on account for the purpose of a trust.
(2)
(Deleted by Act A1647).