Malaysia legislation
Section 15
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 15
“Cancellation of membership
(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)”.
Amendment of section 40