Malaysia legislation
Section 95
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 95
The First Schedule to the principal Act is amended—
(a)
in paragraph 1—
(i)
by inserting before the definition of “dissenting creditors” the following definition:
‘ “consideration”, in relation to a transfer of shares referred to in paragraph 99(1)(ga), means a net amount paid or payable to the transferor in respect of the shares issued by a member institution that are transferred pursuant to a transfer order issued under section 128b;’;
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(ii)
in the definition of “member institution”, by inserting after the words “paragraph 99(1)(c)”
the words “or a member institution of which its shares are subject to a transfer under paragraph 99(1)(ga)”;
(iii)
by inserting before the definition of “consideration”
the following definition:
‘ “compensation” means a net amount paid or payable to the person whose rights are extinguished under paragraph 128b(7)(b);’;
(iv)
by inserting after the definition of “transferee”
the following definition:
‘ “transferor” has the same meaning as defined under section 128a;’;
(v)
in the definition of “transacted price”, by substituting for the full stop at the end of the definition a semicolon;
(vi)
by inserting after the definition of “transacted price” the following definition:
‘ “transferee” has the same meaning as defined under section 128a;’;
(vii)
by inserting after the definition of “transferor”
the following definition:
‘ “transfer order” has the same meaning as defined under section 128a.’; and
(viii)
by inserting after the definition of “member institution” the following definition:
‘ “shares” shall, except for subparagraph 4(3), include capital instruments, warrants and rights under any other instruments issued by a member institution that entitle the holders thereof to acquire shares in the member institution;’;
(b)
in subparagraph 2(3), by substituting for the word
“prescribed” the word “determined”;
Malaysia Deposit Insurance Corporation (Amendment)
(c)
by inserting after paragraph 2 the following paragraph:
“Notice of transfer order