Malaysia legislation
Section 94
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 94
Section 209 of the principal Act is amended—
(a)
in the shoulder note, by inserting after the words “by-laws,”
the words “notifications,”;
(b)
by inserting after the words “by-laws,” wherever appearing the words“notifications,”;
(c)
by substituting for subparagraphs (3)(d)(i), (ii) and (iii)
the following subparagraphs:
“(i) where the deposit liabilities of a deposit-taking member are transferred to and assumed by another deposit-taking member;
Malaysia Deposit Insurance Corporation (Amendment)
(ii)
where the deposit liabilities with a deposit-taking member are to be acquired by a person who is not a deposit-taking member; or
(iii)
in relation to bank drafts, cheques or other similar payment instruments or payment instructions or settlement instructions;”;
(d)
in paragraph (3)(e), by substituting for the words “as between Islamic deposits based on custody and other
Islamic deposits” the words “of different categories of
Islamic deposits”;
(e)
by inserting after paragraph (3)(e) the following paragraph:
“(ea) determination and classification of the assets available and the application of the disposal proceeds thereof in relation to different categories of Islamic deposits;”;
(f)
by deleting paragraph (3)(f); and
(g)
in paragraph (3)(h), by substituting for the words “where a person is entitled to takaful or insurance benefits from two or more insurer members that merge and continue in operation as one insurer member” the words “where the takaful certificate or insurance policy liabilities of an insurer member are transferred to and assumed by another insurer member”.
Amendment of First Schedule