Section 15
Section 39 of the principal Act is amended—
of Malaysia Deposit Insurance Corporation (Amendment) Act 2016
Amendment ActIn forceProvision 15 of 98
Section 15
(a)
by substituting for subsection (4) the following subsection:
“(4) Where the Board has confirmed its proposal to terminate the membership of the member institution, the Corporation shall—
(a)
immediately inform the Minister and Bank Negara
Malaysia in writing; and
(b)
issue a written notice of termination of membership to the member institution whose membership shall terminate on the expiration of the period specified in the notice.”;
(b)
by deleting subsections (5) and (6); and
(c)
in subsection (7), by substituting for the words “subsection (6)”
the words “subsection (4)”.