Malaysia legislation
Section 4a
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 4a
(2)
In reviewing the reasonableness of the consideration or the compensation, the Assessor Committee shall have regard to—
(a)
such matters that the Assessor Committee considers relevant including the fact that the transfer order has been issued; and
(b)
prevailing market conditions for the sale or disposal of similar shares issued by the member institution, and in all cases the Assessor Committee shall deduct the value of the benefit derived from any special financial assistance provided, directly or indirectly, to the member institution by the Corporation or Bank Negara Malaysia.
(3)
Where the Assessor Committee decides that—
(a)
the consideration is less than the amount that in its opinion is the reasonable amount for the shares transferred (referred to in this subparagraph as the “reasonable amount”), the Assessor Committee shall advise the Corporation to pay to the transferor the difference between the consideration and the reasonable amount and the Corporation shall within such period as may be specified by the Assessor
Committee pay such difference to the transferor; or
(b)
the consideration is in its opinion the reasonable amount, the Assessor Committee shall advise the
Corporation accordingly.
(4)
Where the Assessor Committee decides that—
(a)
the compensation is less than the amount that in its opinion is the reasonable amount for the rights extinguished under paragraph 128b(7)(b) (referred to in this subparagraph as the “reasonable amount”), the Assessor Committee shall advise the Corporation to pay to the person whose rights are extinguished
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under paragraph 128b(7)(b) the difference between the compensation and the reasonable amount and the Corporation shall within such period as may be specified by the Assessor Committee pay such difference to such person; or
(b)
the compensation is in its opinion the reasonable amount, the Assessor Committee shall advise the
Corporation accordingly.
(5)
For the avoidance of doubt, the Assessor Committee may decide it is reasonable that no consideration was offered or payable to the transferor or no compensation was offered or payable to the person whose rights are extinguished under paragraph 128b(7)(b).
(6)
If the Assessor Committee decides that it is just and reasonable that interest or other return be paid on an amount payable under subsubparagraph (3)(a) or (4)(a), such interest or return shall be paid by the Corporation at the rate or in the amount determined by the Assessor Committee to be just and reasonable within such period as may be specified by the
Assessor Committee.
(7)
If the Assessor Committee decides that it is just and reasonable that costs of the proceeding before the Assessor
Committee be awarded to one party against another party, the amount that the Assessor Committee determines to be just and reasonable to award to a party in respect of its costs shall be paid by the other party within such period as may be specified by the Assessor Committee.
(8)
The Assessor Committee shall dispose of the application referred to it under subparagraph 3(1) within three months from the date of such reference to the Assessor Committee or such other period as may be approved by the Minister.
(9)
A certificate signed by the three members of the Assessor
Committee confirming any decision of the Assessor Committee shall be conclusive evidence of that decision.”.
Savings provision