Section 68
Amendment of section 134
of Malaysia Deposit Insurance Corporation (Amendment) Act 2016
The principal Act is amended by substituting for section 134
the following section:
“Priority of payments in the winding up of a deposit-taking member
Quoted provision
Section 134
In the winding up of a deposit-taking member, the assets of the deposit-taking member shall be available to meet all liabilities of that deposit-taking member in respect of all deposits in Malaysia in priority to all other unsecured liabilities of that deposit-taking member in Malaysia other
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than the preferential debts set out in subsection 292(1) of the
Companies Act 1965 in the order set out in that subsection and debts due and claims owing to the Government under section 10
of the Government Proceedings Act 1956 [Act 359].”.