Malaysia legislation
Section 53
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 53
Amendment of section 99
(a)
in subsection (1)—
(i)
in paragraph(c), by deleting the words “and to pay the costs, charges and expenses of the
Corporation or the appointed person, including remuneration of the appointed person, out of the assets of the member institution in priority to all other claims;”;
(ii)
in paragraph (g), by deleting the word “or” at the end of the paragraph; and
Malaysia Deposit Insurance Corporation (Amendment)
(iii)
by inserting after paragraph (g) the following paragraph:
“(ga) with the approval of the Minister, by an order in writing, transfer all or any of the following:
(i)
shares and capital instruments issued by the member institution; or
(ii)
warrants or rights under any other instruments issued by the member institution that entitle the holders thereof to acquire shares in the member institution, to any person, other than the Corporation and any of the subsidiaries of the
Corporation, pursuant to the provisions relating to compulsory transfer of shares in
Chapter 2a; or”;
(b)
by inserting after subsection (1) the following subsection:
“(1a) Where the Corporation exercises any of the powers under subsection (1), the member institution shall pay the costs, charges and expenses of the Corporation or the appointed person, including remuneration of the appointed person, out of the assets of the member institution in priority to all other claims.”;
(c)
in paragraph (3)(b), by substituting for the words
“its borrowers” the words “the shares of borrowers under any borrowing and lending arrangements for shares,”; and
(d)
by inserting after subsection (6) the following subsection:
“(7) Any exercise of the Corporation’s powers under this Part affecting any director, officer or employee of a member institution, including the removal of a director, officer or employee of the member institution or the variation or termination of the contract of service of any director, officer or employee of the member institution, shall be lawful and valid notwithstanding anything contained in any contract of service or other contract or agreement, whether express or implied, whether individual or collective, and whether or not
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made or provided for under any written law, and a person so removed from office or his contract of service so varied or terminated, shall not be entitled to claim any compensation for the loss or termination of office.”.
Amendment of section 104