Malaysia Deposit Insurance Corporation 1 laws of MALAYSIA Act REPRINTING 720 AKTA PERBADANAN INSURANS DEPOSIT MALAYSIA 2011 As at 1 November 2016 ISSUED by COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 2016 Malaysia2 Law Act 720 AKTA PERBADANAN INSURANS DEPOSIT MALAYSIA 2011 date of Assent......... 24 January 2011 date of publication in the Gazette of ... ... more January 27, 2011 last amended by Act A1505 which commence on............ 8 March 2016 Perbadanan Insurans Deposit Malaysia 3 laws of MALAYSIA Act 720 AKTA PERBADANAN INSURANS DEPOSIT MALAYSIA 2011 ARRANGEMENT of SECTIONS part I preliminary section 1. Short title and commencement 2. Interpretation part II PERBADANAN INSURANS DEPOSIT MALAYSIA Chapter 1 objectives and operations 3. A corporation established under the Akta Perbadanan Insurans Deposit Malaysia 2005 4. The goal of the Corporation 5. The common seal and the seal of the facsimile transmission 6. Completion of documents 7. The establishment of the Committee 8. Office of Corporation 9. The power to appoint a representative and agent 10. The establishment of a subsidiary Chapter 2 the Board of Directors 11. The tasks and composition of 12. The Board may make by-laws law Malaysia4 Act 720 13. The term of Office of Directors 14. Disqualification and the termination of the Board 15. Acts and proceedings of the Board are not affected by vacancy, etc.
16. The remuneration and allowances of Directors 17. Duties of Directors 18. Meeting Chapter 3 Chief Executive Officer 19. The appointment, functions and accountability 20. Terms and conditions of service Chapter 4 officers and employees, etc.
21. Appointment, terms and conditions of service 22. Financial assistance to officers, employees and other persons Chapter 5 duties and powers 23. Restrictions on investigating specifically about particular customers Affairs 24. Confidentiality 25. Powers of the Corporation 26. Lending of money or the provision of funding for a specific purpose, 27. Appointment of member institutions additional chapter 6 28. Fund and resources fund 29. Lending of money or the provision of financing to the Corporation 30. The investment allowed Section Perbadanan Insurans Deposit Malaysia 5 31. Financial year 32. The will keep books, records, accounts or other document 33. 34 Auditors. Financial statements and annual report 35. The financial statements are not consolidated part III MEMBERSHIP, cancellation and TERMINATION 36. Be deemed to be members of 37. Terms and conditions of membership of the 38. Cancellation of membership 39. Termination of membership of 40. The effect of the cancellation or termination of DEPOSIT INSURANCE part IV Chapter 1 scope of cover 41. Deposit 42. Scope of coverage for deposits 43. Deposit transfer between deposit-taking members 44. Deposit deposit-taking members obtained by non-deposit-taking members 45. Deposit deemed to 46. Is not part of the deposit Premium 47 Chapter 2. The first premium in respect of deposit-taking members 48. Annual premium in respect of deposit-taking 49 members. The calculation of the annual premium in respect of deposit-taking members 50. There are no deductions in respect of deposit-taking Members Section of law Malaysia6 Act 720 51. A surcharge of premiums with respect to deposit-taking members 52. Overdue charges in respect of deposit-taking members 53. Premium regulations with respect to deposit-taking members 54. Premium and surcharge on deposit-taking members deemed acquired Chapter 3 Costs 55. Costs 56. A mandatory fee 57. Payment is at the discretion of 58. Prepayment is 59. The date to calculate liabilities 60. Calculation of Returns or interest on deposit for a mandatory fee 61. The Corporation may pay interest on a return or mandatory fee 62. Calculation of Returns or interest on deposit for costs at the discretion of 63. Interest on deposit Returns or related index of 64. Release of liability, etc., with respect to insured deposits 65. Subrogation 66. Assignment 67. Time limit for claims in respect of insured deposits part V PROTECTION of TAKAFUL and INSURANCE BENEFITS Chapter 1 scope of protection 68. Definition of 69. Scope of coverage for the insurance policy certificate and 70. Migration certificate or policy between the Member insurer Perbadanan Insurans Deposit Malaysia Section 7 Chapter 2 Levy Section 71. Levy first respect of insurer members 72. The annual levy in respect of insurer members 73. The calculation of the annual levy in respect of a member insurer 74. There are no deductions in respect of insurer members 75. A surcharge levy in respect of a member insurer 76. Overdue charges with respect to the member insurers 77. Levy regulations in respect of insurer members 78. Levy and surcharge on member insurers deemed acquired Chapter 3 Costs 78a. Definition of 79. Costs with respect to the benefit covered 80. A mandatory fee in respect of benefits covered 81. Costs at the discretion with respect to the benefit covered 82. Advance payment with respect to the benefit covered 83. Termination of the insurance policy and certificate in winding up 84. Determination of a mandatory fee for family takaful certificate and 85 life policy. Determination of a mandatory fee for the General takaful certificate and general policy 86. Notification by Corporation 87. Calculation of Returns or interest protected benefits mandatory fee for 88. The Corporation may pay interest on a return or payment is required with respect to the benefit covered 89. Calculation of Returns or interest benefits covered for costs at the discretion of 90. Release of liability, etc., with respect to the benefit covered 91. Subrogation with regard to the benefit covered 92. Assignment with respect to the benefit covered 93. Time limit for claims in respect of benefits covered 94. (Cut)
Law Malaysia8 Act part VI 720 MEMBER INSTITUTIONS CHECKS Section 95. The Central Bank shall prepare information 96. Examination of 97. Special examination of part VII ACTION by CORPORATION Chapter 1 refusal by member institutions is not viable 98. Notification of not viable 99. Powers of the Corporation in terms of member institutions is not viable 100. Notice of acquisition of control 101. Provisions relating to the acquisition of control of the 102. The power to reduce share capital and cancel shares member institutions under paragraph 99 (1) (c) 103. Solution resolution 104. Establishment of Appraisers 105. Transition service 106. Appointment of receiver, etc.
107. The provisions relating to the appointment under paragraph 99 (1) (c) and section 106 108. The validity of transactions 109. Suspension of proceedings 110. Extension of time 111. The validity of collateral 112. Assignment is not of default, etc.
113. The agreement addressed for the purposes of paragraph 99 (1) (c) and section 106

114. The supply and further advances 115. Qualified financial agreements 116. Corporation, etc., not a successor employer 117. Claims, proceedings of certain prohibited Perbadanan Insurans Deposit Malaysia 9 Chapter 2 provisions relating to intermediate institutions Section 118. The naming of intermediate institutions 119. Release notice 120. Intermediate institutions authorized to conduct business 121. Disapplication of requirement 122. Intermediate institutions not successor employer 123. Power instructions 124. The acquisition of a portion of liabilities deposits uninsured or benefits not covered 125. Suspension in respect of intermediate institutions 126. Notice of intention to continue proceedings 127. Assistance to intermediary institutions 128. The Corporation may hold shares member institutions Chapter 2a provisions relating to compulsory transfer shares 128a. Definition of 128B barcode. The compulsory transfer shares 128c. Effect of order of transactions 128d. Order replacement transactions Chapter 3 General provisions relating to winding-128e. Definition of 129. Winding up of member institutions on the application of the Corporation 130. Deemed to be creditors 131. The objective of the liquidator upon winding-up member institutions 131a. Continuation of the family takaful business 131B. Continuation of the business life of 132. The appointment and remuneration of a liquidator is appointed in respect of the member institution 133. Supervision of the Corporation law Malaysia10 Act 720 Chapter 4 specific provisions on the winding up of deposit-taking Members Section 134. Priority payment in liquidation deposit-taking members 134a. Priority payment in liquidation deposit-taking members conducting Islamic banking business 134B. Priority payment in liquidation deposit-taking members representing Islamic banks Chapter 5 specific provisions on the winding up of insurer members 135. Interpretation of 136. Winding up of insurer members upon application by the person other than the Corporation 137. Notice of winding-up proceedings by anyone other than the Corporation 138. The report and accounts of liquidator 139. Statement of affairs of 140. (Cut) 141. (Cut) 142. (Cut) 142a. Priority payment in liquidation the takaful operator 142B. Priority payment in liquidation of the insurance company 142c. Valuation of assets and liabilities a takaful operator or insurer 143. The burden of evidence of a debt waiver of strict 144. Disapplication of certain provisions of the companies Act 1965, the financial services act 2013 and 2013 Islamic financial services Act part VIII PROTECTION 145 STABILIZATION. Interpretation of 146. 147. protection orders stabilisation The application of special provisions 148. Protection of stabilisation Perbadanan Insurans Deposit Malaysia 11 149. Fees, premiums or levies for 150 stabilization protection. The application of the provisions in respect of the member institution 151. Fees, premiums or levies are deemed earned 152. Extension of the application of section 51 or 75 153. Surcharges 154. Overdue charges 155. There are no deductions of 156. Funding and the loss of 157. Application of continuous special provisions part IX POWERS in RESPECT of ASSETS ACQUIRED by the CORPORATION Chapter 1 Acquisition and disposal by the Corporation 158. Acquisition and disposal of assets by the Corporation 159. Right to dispose of and preserve the value of the property chapter 2 Provisions relating to konservator 160. Interpretation of 161. The power to appoint additional konservator and konservator, etc.
162.163 konservator Credentials. Two or more 164 konservator. Period of administration of 165. Notification of appointment konservator 166. Effect of appointment konservator 167. General power 168 konservator. General duties konservator 169. Konservator as agent affected 170. An officer of the person affected shall perform or carry out functions with 171 written approval. Transactions with the assets of the person affected Section of law Malaysia12 Act 720 172. Compensation 173. The obligations of officers 174 people were affected. Investigation of the business and Affairs of 175. Right konservator over books, records, accounts or other document 176 people were affected. Rights of the person konservator affected 177. Restrict or inhibit konservator 178. Disclaimer of 179. Moratorium 180. Qualified financial agreements with 181 people were affected. Recover the consideration money from assets acquired or disposed of before appointment konservator 182. Inappropriate priorities 183. Vacation of Office recipient, etc.
184. Konservator shall prepare recommendations 185. Secured creditor meetings 186. Implementation of 187. Modifications to the proposed 188. Regulatory approval requirements 189. Rejection or termination of recommendation 190. Reports on misconduct 191. The validity of the transaction part X OFFENCES 192. Submit yourself as member institution 193. False statements of 194. Not provide information, etc.
195.196. General Offences Offences by body corporate or unincorporated bodies or by the directors, officers, guards, etc.
197. the powers of the Corporation to compound the offence of 198. The Court may order compliance with 199. Additional financial penalties Section Perbadanan Insurans Deposit Malaysia 13 200. Compliance order or restriction of 201. Retrieves a fine part XI GENERAL PROVISIONS 202. Submission of information to the Corporation, 203. Submission of information to Bank Negara Malaysia 203a. Non actuary 204. Intention to roll 205 member institution. Judicial notice 206. 207. The winding up of the Corporation Immunity 207a. Exemption from liabilities of 208. Application and other Act disapplication of 209. The power to make regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or note part XII REPEAL, SAVINGS and TRANSITIONAL 210. The abolishment of 211. Savings and transitional 212. Certain fund transfers from Bank Negara Malaysia first schedule second schedule of the third schedule of the fourth schedule Section to the law Malaysia14 Act 720 Perbadanan Insurans Deposit Malaysia 15 laws of MALAYSIA Act 720 AKTA PERBADANAN INSURANS DEPOSIT MALAYSIA 2011 an act to provide for the continuing existence of the Malaysia Deposit Insurance Corporation, the administration of the deposit insurance system and protection system takaful and insurance benefits under this Act and matters incidental or related to it.
[December 31, 2010]
Whereas the stability of the financial system was the main determinant of economic growth and prosperity of Singapore: and that the deposit insurance system and protection system takaful and insurance benefits is an important component in the financial safety net as they encourage and contribute to the stability of the financial system:

and that the purpose of the deposit insurance system and protection system takaful and insurance benefits is to protect depositors against the loss of part or all of their deposits and beneficiary takaful and insured against the loss of part or all of their insurance, or takaful benefits in the event of failure of a member institution and Perbadanan Insurans Deposit Malaysia shall carry out the functions mandated to quickly and effectively and to promote proper risk management in the financial system and encourage and strengthen consumer protection financial : and Whereas specific provisions are required in the interest of the public to give the Corporation the power to implement immediately resolution action set out in the Act at minimum cost to the financial system: law Malaysia16 Act 720 THEN, here, enacted by the Parliament of Malaysia as follows: part I preliminary short title and commencement 1. (1) this Act may be cited as the Akta Perbadanan Insurans Deposit Malaysia 2011.
(2) of this Act come into force on 31 December 2010.
Interpretation 2. (1) in this Act, unless the context otherwise requires — "Act repealed" means the Akta Perbadanan Insurans Deposit Malaysia 2005 [Act 642];
"members of the insurer" means a member institution that is an insurer or the takaful operator;
"deposit-taking members" means a member institution that is a bank Islam or a licensed bank;
"assets" includes any Islamic financing facilities, conventional credit facility, property, business and enterprise in any kind;
"licensed" have the same meaning as defined under subsection 2 (1) of the Financial Services Act 2013 [Act 758];
"Islamic bank" means a bank licensed under the Islamic financial services Act 2013 [Act 759], other than a licensed international Islamic bank;
"takaful beneficiary" means a person who is entitled to upon a takaful benefits, whether that person was the owner of the Malaysia Deposit Insurance Corporation certificate 17 or not;
"related", in relation to a corporation, means pertaining within the meaning of section 6 of the companies Act 1965 [Act 125];
"associate" means a corporation which is not less than twenty per cent and not more than fifty per cent of the shares of the Corporation held by another corporation, with the establishment in the first-mentioned is a corporation associated with the other corporation;
"security" includes a mortgage or charge, whether in law or equity, debentures, bills of Exchange, promissory note, guarantee, lien or pledge, either actual or constructive, letter hipotekasi, indemnity, undertaking and other ways to guarantee a payment or debt relief or liabilities, whether present or future and whether vested or contingent;
"deposit" means — (a) a conventional; or (b) a deposit of Islam;
"insured deposits" means insured deposits separately as Islamic or conventional deposits under section 42;
"Islamic deposit" means an amount of money or value of money received or paid according to terms by any person, the acceptance and payment of their recoverable amounts shall be in accordance with the terms of any agreement in accordance with the Shariah;
"conventional" means a sum received or paid according to terms — (a) be paid back or be repaid, together with or without flowers or premium, or by any consideration of money, either on demand or at a time or in circumstances agreed between or on behalf of the person who made the payment to the person who received it; and the law Malaysia18 Act 720 (b) that is not in relation to the provision of property or services, or the granting of security unless the sum of the money available or provided as collateral or security for the repayment of any loan made by or debt owed to deposit-taking members, and did not include an Islamic deposit;
"central depository" have the same meaning as defined under the securities industry (central depositories) Act 1991 [Act 453];
"determined", if there is no way mentioned, means determined in writing;
"prescribed", if there is no way mentioned, means prescribed by order published in the Gazette; "document" has the same meaning as defined under section 3 of the Act Evidence 1950 [Act];
"constituent document", in relation to a body, Corporation or non-corporate, means the statutes, Charter, memorandum of Association, Association, rules, by-laws, partnership agreement, or other instruments, under which or with it the establishment is incorporated or formed, or the structure of governance and administration, field functions, arrangements, power or duties specified, whether contained in a single document or more; "the authorised depository agent" has the same meaning as defined under the securities industry (central depositories) Act 1991;
"business group" means a group of companies of which a member institution is related or associated with other companies in the same group;
"Governor" means the Governor of Bank Negara Malaysia;
"property" means any property, movable or immovable, and includes — (a) any right, title, interest, claim, right in the action, power or privilege, either at the time of Perbadanan Insurans Deposit Malaysia 19 now or future, or whether vested or contingent, in relation to any property, or that otherwise has a value;
(b) any document d i perfected un tuk memindahmil fish, assign, melant CI, deliver, or otherwise transfer or dispose of the property if the person executing the document was the owner or owners, or that he is entitled to a contingent right therein, either for the whole or part of the interest in property;
(c) any securities, including any stocks, shares, debentures, loan stocks, bonds, subscription rights or warrants transferable;
(d) any negotiable instrument, including any bank notes, bearer notes, Treasury bills, dividend warrants, bills of Exchange, promissory note, cheque and certificate of deposit negotiable;

(e) any mortgage or charge, whether in law or equity, guarantee, lien or pledge, either actual or constructive, hipotekasi letter or trust receipts, indemnity, undertaking or other means which secures payment or discharge of a debt or liabilities, whether present or future, vested or contingent, or; and (f) any significant assets or other intangible;
"participating life" means — (a) a person in respect of which a certificate provides for protection against death or persistence of his life; or (b) a person in respect of which a certificate provides for the protection of an accident, illness or infirmity, whether that person was the owner of the certificate or not;
"member institution" means a financial institution or person be deemed to be or may be prescribed as a member institution under this Act and membership is not cancelled under section 38 or terminated under section 39;
Law Malaysia20 Act 720 "financial institution" means a licensed banks, Islamic banks, insurance companies or the takaful operator;
"development financial institutions" have the same meaning as defined in the development financial institutions Act 2002 [Act 618];
"intermediate institution" means a subsidiary Corporation named as an intermediate institution under paragraph 99 (1) (f);
"Appraisers Committee" means the Committee provided under section 104;
"conventional credit facility" means — (a) the granting of any advances, loans, trade credits or other facilities in whatever form or by whatever name the person to whom the advance, loans, trade credits or other facilities is given have access, directly or indirectly, to the funds or property of the person who gives;
(b) the giving of a guarantee or security in respect of the obligation of any person; or (c) any transaction or transactions such as may be prescribed by the Corporation;
"Islamic finance" has the same meaning as given to the definition of "financing" under subsection 2(1) of the Islamic financial services act, 2013;
"Chief Executive", in relation to a Corporation means a natural person, by whatever name, responsible, either singly or in association with a person or more, subject to the authority of the Director, for the conduct and administration of the Corporation;
"Chief Executive Officer" means the Chief Executive Officer of the Corporation;
"Consolidated Fund" means the Federal Consolidated Fund established by the Federal Constitution;
Malaysia Deposit Insurance Corporation 21 "Board" means the Board of Directors of the Corporation;
"liability" includes every type of debt, duties and obligations, whether present or future, vested or contingent, and;
"benefits covered" means takaful and insurance benefits covered separately by the protection system takaful and insurance benefits under part V;
"insurance" means an obligation under an insurance policy to pay an amount to or for the benefit of the insured person or to perform an obligation that is not in the form of money when the occurrence of one event provided for in the insurance policy and an amount payable under a policy of insurance due to such obligation;
"insurance benefits covered" means a type or description of insurance benefits prescribed by regulations made under subsection 69 (2) as covered under protection system takaful and insurance benefits provided for in this Act;
"takaful benefits" means an obligation under a certificate to pay an amount to or for the benefit of a beneficiary or takaful to meet an obligation that is not in the form of money when the occurrence of one event or more provided in the takaful certificate and an amount payable under a takaful certificate due to such obligation;
"takaful benefits covered" means a type or description of takaful benefits prescribed by regulations made under subsection 69 (2) as covered under protection system takaful and insurance benefits provided for in this Act;
"Minister" means the Minister is entrusted with the responsibility for financial matters;
"the seal of the facsimile transmission" means the duplicate to the seal of the Corporation;
"insured person" means a person who is entitled to a benefit of insurance, whether that person was the owner of the policy or not;
Law Malaysia22 Act 720 "life insured" means — (a) any person in respect of an insurance policy provides for protection against death or kebeterusan of his life; or (b) any person in respect of an insurance policy provides for the protection of an accident, illness or infirmity, whether that person was the owner of the policy or not;
"people were affected" means — (a) any company which is obliged or owe under an Islamic financing facilities or conventional credit facility to the Corporation or any subsidiary of the Corporation, either present or future, or whether vested or contingent;
(b) any subsidiary of the company referred to in paragraph (a);
(c) any company which has been providing security for the exercise or discharge of an obligation or liability owed by any person affected the Corporation or any subsidiary of the Corporation, either present or future, or whether vested or contingent; or (d) any company that is at least five per cent of the share capital was digadaikan, pledged or mortgaged by any person to guarantee the implementation or fulfilment of an obligation or liability owed by any person affected the Corporation or any subsidiary of the Corporation, either present or future, or whether vested or contingent, and did not include a member institution;
"the main people were affected" means any company referred to in paragraph (a) of the definition of "person affected";
Malaysia Deposit Insurance Corporation 23 "officer", in respect of a member institution or person affected, means — (a) any Director, Secretary or employee of the member institution or person affected;

(b) any receiver, Manager or receiver and Manager whether appointed by the Court or otherwise; and (c) any liquidator appointed by the Court or otherwise;
"Office" includes head office, principal place of business, branch, agency, business mobile, business place, held and maintained for a limited period only and any other place of business;
"liquidator" includes a provisional liquidator, if applicable;
"owner's policy" means a person who has the legal authority over an insurance policy and includes — (a) if the policy has diserahhakan, assigns;
(b) if reserves the right to the insurance company to exercise the rights of a legitimate policy owner, the personal representatives of the policy owner dies; and (c) in relation to a policy that provides for the payment of the annuity, the annuity recipients;
"owner's certificate" means a person who has the legal authority over a takaful certificate and includes — (a) if the certificate was diserahhak, assigns;
(b) if of the takaful operator is entitled to exercise the rights of an owner of a valid policy for the certificate, the personal representatives of the certificate owner dies; and (c) in relation to a certificate that provides for the payment of annuities, the annuity recipients;
"the Malaysian Registrar" means the Registrar of ships Malaysia appointed under subsection 14 (1) of the Merchant Shipping Ordinance 1952 [Ord. 70/1952] and includes the Registrar of Large ships appointed under subsection 14 (1) of the Ordinance;
Law Malaysia24 Act 720 "Registrar" means the Registrar of companies may be prescribed under the companies Act 1965;
"the Registrar of the Court" means any Registrar, Deputy Registrar, Assistant Registrar or Assistant Registrar of the High Court appointed under section 10 of Judicature Act 1964 [Act 91];
"Land Registrar" means the Registrar as defined under section 5 of the national land [Act 56/1965], the Registrar as defined under section 4 of the Land Ordinance of Sabah [Sabah Cap. 68] or Registrar under the Sarawak land code [Sarawak Cap. 81]; "depositor" means a person — (a) that his account has been or will be credited in respect of money be an Islamic or conventional deposit or part of the deposit; or (b) to whom a member institution liable in respect of an instrument issued for money be an Islamic or conventional deposit or part of the deposit;
"the takaful operator" means the takaful operator is licensed to carry on the takaful business under the Financial Services Act, other than an Islamic 2013 takaful operator licensed to conduct retakaful business alone and a takaful operator international;
"Chairman" means the Chairman of the Board;
"Corporation" means the Malaysia Deposit Insurance Corporation;
"Corporation" has the same meaning as defined under section 4 of the companies Act, 1965;
"Islamic banking business" has the same meaning as defined under subsection 2 (1) Islamic financial services act, 2013;
"eligible third parties" means a corporation that meets any of the criteria set by the Corporation;
Perbadanan Insurans Deposit Malaysia 25 "general policy" means a policy issued by an insurance company licensed under the financial services act 2013 to carry out general insurance business;
"policy" means a policy issued by an insurer carrying on life insurance business under which an obligation arises upon the death or survivorship life someone, including the extension of cover for personal accident, illness or infirmity, and includes an annuity, and a policy that only provides for protection against disease or illness or medical expenses, but does not include a policy is a personal accident policy for only;
"participating life policy" means a policy that gives a right to the policy owner to participate in untukan, which amount or timing is at the discretion of the insurance company, an insurance fund under the financial services act, 2013;
"insurance policy" means a life policy or general policy; "returns" includes any form of rentals, profits, dividends and benefits, including any fees or remuneration, payable or provided in connection with any Islamic deposit or as part of any takaful benefit or under any document, agreement, arrangement and instrument relating to an Islamic financing facilities;
"securities" has the same meaning as defined under the capital markets and Services Act 2007 [Act 671];
"Islamic securities" means securities which according to Shariah;
"certificate" means a contract in respect of family takaful or General;
"the General takaful certificate" means a certificate issued by the takaful operator licensed under the Islamic financial services Act to carry on the takaful business 2013 General;
Law Malaysia26 Act 720 "family takaful certificate" means a certificate issued by the takaful operator who carries the family takaful business under which an obligation arises upon the death or survivorship life someone, including the extension of cover for personal accident, illness or infirmity, and includes an annuity, and a certificate only provides for protection against disease or illness or medical expenses, but does not include a certificate for personal accident only;
"subsidiary" has the same meaning as defined under the companies Act 1965;
"capital instrument" means a preference shares, loan stocks, subordinated term debts or other instruments approved by Bank Negara Malaysia as eligible to become the capital for the purposes of the financial services act 2013 or Islamic financial services act, 2013;
"company" has the same meaning as defined under the companies Act 1965; "insurer" means an insurer licensed to carry on insurance business under the financial services act 2013, in addition to an insurer licensed to carry on reinsurance business only and Danajamin Nasional Berhad;

"share" has the same meaning as defined under the companies Act 1965; "year of assessment", relating to the calculation and payment of premium and levy under this Act, means the period beginning on the first day of January and end on the thirty-day per month of December each year or any other period approved by the Minister;
"takaful" have the same meaning as defined in Islamic financial services act, 2013;
"General" means the family takaful takaful apart;
"family takaful" means under a takaful certificate takaful family.
Malaysia Deposit Insurance Corporation financial agreements 27 eligible (1a) for the purposes of this — (a) "financial collateral" means any of the following that are subject to an interest or right that secures payment or performance of an obligation in respect of an eligible financial agreement or subject to an agreement of credit support transfer of title: (i) cash or cash equivalent, including negotiable instruments of deposit and claim;
(ii) securities, Islamic securities, a securities account, an account of Islamic securities, or a right to acquire securities or Islamic securities; or (iii) a futures agreement or a futures account;
(b) "derivative" means any agreement, including a options, swaps, futures contract or futures, the market price, value, delivery or payment thereof attributable to obligations, referred to or based on, but not limited to, securities, commodities, asset, rates (including interest rates or exchange rates) or index;
(c) "Islamic derivatives" means any agreement, including a options, swaps, futures contract or futures, made according to the Shariah, which the market price, value, delivery or payment thereof attributable to obligations, referred to or based on, but not limited to, Islamic securities, commodities, asset, rates (including profit rates or exchange rates) or index;
(d) "financial intermediation" means — (i) a clearing agency; or (ii) a person, including a broker, bank or trust company, that in the course of ordinary business maintain securities account, securities account or futures account of Islam to others;
Law Malaysia28 Act 720 (e) "qualified financial agreements" means — (i) a master agreement in respect of one or more financial transactions that qualify under it that if the particular case as determined by the parties to the agreement — (A) a transaction referred to in the agreement expire or be terminated;
(B) the value of termination of transactions under subparagraph (i) is calculated or can be calculated; and (C) the value of termination of transactions under subparagraph (i) is or may be clean, so that a net amount payable, and if an agreement is also in respect of one or more transaction which is not a financial transaction is eligible, the agreement shall be deemed to be financial agreements are eligible only in respect of transactions which is a financial transaction and any authorized enforcement by the parties of their rights under the agreement;
(ii) an agreement relating to financial collateral, including transfer credit support agreement, with respect to one or more financial transactions that qualify under a master agreement referred to in subparagraph (i);
(iii) an agreement to borrow or lend securities or commodities, including an agreement to transfer securities or commodities under which the borrower may repay the loan by securities or other commodities, cash or cash equivalent; or (iv) any other agreement as stipulated by Bank Negara Malaysia under the financial services act 2013 or under the Islamic financial services 2013;
Perbadanan Insurans Deposit Malaysia 29 (f) "credit support agreement pindak ownership" means an agreement under which title to property is provided for the purpose of guaranteeing payment or performance of an obligation in respect of a qualified financial agreements; and (g) "eligible financial transactions" means — (i) a derivative or an Islamic derivatives, whether that will be settled through payment or surrender; or (ii) an agreement to buy back, buy the inverse or the sale and buy back in respect of securities or Islamic securities.
(2) any reference in this Act of "this Act" shall, unless the context otherwise requires, be deemed to include a reference to any rules, regulations, by-laws, orders, notifications, instructions, guidelines, circulars, notes or any other subsidiary legislation made or issued under this Act.
Part II PERBADANAN INSURANS DEPOSIT MALAYSIA Chapter 1 objectives and operations of the Corporation established under the Akta Perbadanan Insurans Deposit Malaysia 2005 3. (1) Although the Akta Perbadanan Insurans Deposit Malaysia 2005 repealed by section 210, a corporation established under the repealed Act with the name "Perbadanan Insurans Deposit Malaysia" shall continue to be in existence under and subject to the provisions of this Act.
(2) the Corporation is the same body corporate established under the repealed Act.
Law Malaysia30 720 Act (3) the Corporation shall continue to have perpetual succession and a common seal, and may sue and be sued in the name of him.
The goal of the Corporation 4. (1) the objective of the Corporation is to — (a) administer a deposit insurance system and a system of protection of takaful and insurance benefits under this Act;
(b) provides insurance against the loss of part or all of the deposit to which deposit-taking members shall be liable to and provide for protection against the loss of part or all of the benefits of takaful or insurances for which member insurers shall be liable;
(c) grant incentives for proper risk management in the financial system; and (d) promote or contribute to the stability of the financial system.
(2) in order to achieve its goals under paragraph (1) (b) and (d), the Corporation shall act in such a way to minimize costs to the financial system.
The common seal and the seal of the facsimile transmission 5. (1) the common seal and the seal of the Corporation may be broken facsimile, changed, altered and made anew as the Corporation thinks fit.

(2) the Board may hold a common seal and may allow facsimile signature of any Director and the Secretary made through printing or other mechanical means.
(3) the common seal shall be used with the permission of the Board and every instrument to which the seal is affixed shall be signed by a Director and shall be countersigned by the Secretary or by another Director or another person appointed by the Board, and all of the Perbadanan Insurans Deposit Malaysia 31 deeds, documents and other instruments purporting to be sealed with the seal of the Corporation , certified as aforesaid, shall be deemed to have been validly executed unless the contrary is proved.
(4) every instrument to which the facsimile seal stamped and signed by a Director and the Secretary through the printing or other mechanical way shall have the same power and validity as if the seal has been placed on the instrument and the instrument was signed in accordance with subsection (3).
(5) all courts, judges and those who acted in judicial shall give judicial notice to the seal and the seal of the facsimile.
(6) the common seal and the seal of the facsimile shall be kept in the custody of the Secretary or any other person as may be authorized by the Board.
Completion of documents 6. Any document or instrument which, if executed by a person not being a body corporate, is not required to be made under the seal can in the same way by the Corporation, and any other document or instrument may be executed on behalf of the Corporation by any officer of the corporation authorized generally or specifically by the Board for that purpose.
Establishment of 7. The Corporation may establish such committees as it may deem necessary or expedient for the performance of its functions.
Office of Corporation 8. The Corporation may, within or outside Malaysia, set up offices as he may deem necessary or expedient for the performance of its functions.
Law Malaysia32 Act 720 power to appoint a representative and agent 9. (1) the Corporation may, by instrument under seal, appoint any person either in Malaysia or in a place outside Malaysia to be its representative, and the person appointed may, tertaluk to the letter that way, do any act or perform any of the powers or functions which he is authorised by the instrument to do or accomplish.
(2) the Corporation may, within or outside Malaysia, appoint any agent as he may deem necessary or expedient to carry out any action on behalf of the Corporation.
Establishment of subsidiary 10. (1) for the purpose of carrying out the functions, powers and duties under this Act, the Corporation may establish such subsidiary as it may deem necessary or expedient.
(2) without prejudice to any other provisions of this Act, the Corporation may fix it, with the approval of the Minister, in respect of any provisions of this Act to apply to a subsidiary of the Corporation as if the Corporation was a subsidiary of the Corporation itself.
Chapter 2 the tasks and composition of the Board of Directors 11. (1) there shall be a Board of Directors which shall be responsible for the conduct of the business and Affairs of the Corporation and shall exercise all powers and do all such acts which may be exercised or done by the Corporation.
(2) the Board shall consist of the following: (a) a Chairman appointed by the Minister shall have relevant experience in the private sector;
Malaysia Deposit Insurance Corporation 33 (b) Governor;
(c) the Secretary of the Treasury;
(d) two directors who are appointed by the Minister, one of whom shall be from the public sector and another can be from the public sector or a person with experience in the public sector; and (e) not more than four other directors appointed by the Minister, who shall have relevant experience in the private sector and at least one of them must have relevant experience in the banking and financial sector.
(3) without prejudice to subsection 18 (2), none of Directors referred to in paragraph (2) (b), (c) or (d) is eligible to be appointed as Chairperson by the Minister.
The Board may make by-laws 12. (1) the Board may make such by-laws as may be necessary or expedient in connection with the Administration, management, control, managing the assets and Affairs of the Corporation, including — (a) the functions, powers, duties, remuneration, benefits and terms and conditions of service, code of conduct or a surcharge on the officers, employees and agents of the Corporation;
(b) conflict of interest with respect to directors, officers and employees of the Corporation who are served and the directors, officers and employees who have left the service of the Corporation;
(c) the appointment, terms of reference and activities of the Committee established by the Corporation;
(d) the rules and procedures which shall be followed by directors at Board meetings; and (e) such other matters as may be required to provided for under the by-laws in this Act.
(2) the by-laws made under this section shall be binding on all persons to whom the by-laws apply.
Law Malaysia34 720 Act (3) any person who fails to comply with the by-laws made under paragraph (1) (b) commits an offence.
The term of Office of Directors 13. (1) the Director appointed by the Minister under subsection 11 (2) shall hold office for a period not exceeding three years and are eligible for re-election.
(2) the Governor and the Chief Secretary to the Treasury, respectively, shall be directors during their period in Office as Governor and the Chief Secretary to the Treasury.
Disqualification and the termination of the Board 14. (1) No person shall be appointed or retained, as a Director of the Board if that person is — (a) a member of the Senate or House of Commons or Legislature;
(b) an officer of a member institution; or (c) a holder of a position, or any person holding any Office or similar position in a political party.

(1a) for the purposes of paragraph (1) (c), "bearers" means any person who is the President or Vice President, or Secretary or Treasurer of a political party or any political party, or who is a member of the Committee or of the Organization of a political party or any branch of the political party or who holds any Office or position in a political party or any branch of the political party , by whatever name called, the same with any referred to above or in respect of which that person carries out the management or control of the Affairs of political parties or any branch of the political party.
Malaysia Deposit Insurance Corporation 35 (2) the Minister may terminate or suspend the appointment of any Director if — (a) he becomes of unsound mind or otherwise becomes unable to carry out its work;
(b) imposed on the Director that any form of restriction or surveillance through bonds or otherwise, under any law relating to crime prevention, or preventive detention for the prevention of crime or drug trafficking, or limited residential, or banishment or immigration;
(c) he became a bankrupt, suspend payments or reach a settlement with his creditors;
(d) he has been charged with an offence a crime under any law can be sentenced to imprisonment, whether the sentence of imprisonment only, or in lieu of, or in addition to, a fine, in any court within or outside Malaysia;
(e) he is guilty for serious misconduct in relation to kewajipanya under this Act; or (f) he has not attended, except for reasons of leave authorized by the Minister in the case of the Chairman or the Chairman in the case of any other directors, two meetings of the Board in any period of twelve months.
(3) Notwithstanding subsection (2), any Director appointed by the Minister under subsection 11 (2) may at any time resign by giving notice in writing not less than thirty days notice to the Minister.
Acts and proceedings of the Board are not affected by vacancy, etc.
15. The Board may act notwithstanding any vacancy and the proceedings shall not be invalid by — (a) the absence of any Director;
(b) any defect which is then known in the appointment or qualification of any Director or membership of the Board;
Law Malaysia36 Act 720 (c) omission, defect or ketidakteraturan in procurement or conduct a meeting; or (d) the presence or participation of any person who is not a Director of the Board.
Remuneration and allowances for Director 16. Every Director shall be paid by the Corporation such fees, allowances and any other remuneration as determined by the Minister, on the recommendation of the Board.
Duties of Directors 17. (1) a Board shall, at all times, act honestly and in the best interests of the Corporation and use reasonable endeavours in fulfilling the duties of his Office.
(2) a Director or any person who has ever been a Director may not — (a) using improper in any information obtained by reason of its position as a Director to gain, directly or indirectly, a benefit for himself or for any other person; or (b) do, say or publish anything which may harm the interests of the Corporation.
Meeting 18. (1) the Board shall meet as often as required but not less than four times a year.
(2) the Chairman shall preside at all meetings of the Board and in his absence, the directors present shall elect a Chairman from among the directors in paragraph 11 (2) (e) and the person elected shall preside at the meeting and have all the powers of the Chairman.
Perbadanan Insurans Deposit Malaysia 37 (3) the quorum for meetings of the Board shall not be less than four directors, at least two of whom shall be composed of the directors referred to in paragraph 11 (2) (b), (c) or (d).
(4) the decision of the Board shall be taken on a majority of voting Directors present and voting.
(5) in the case of equal number of votes, the Chairman shall have a casting vote.
(6) a resolution in writing, signed by all the directors for the time being entitled to receive notice of a meeting of Directors, shall be valid and effective as if it had been passed at a meeting of the directors duly convened and conducted and any such resolution may consist of several documents in like form, each signed by a Director or more.
(7) no nothing in this section shall prevent the Chairman of allow a Director to use live video, television network or communication or other multimedia facilities suitable to take part in any meeting of the Board if, prior to the meeting, the directors may, by notification to the Chairman, has applied for such authorization.
Chapter 3 Chief Executive Officer Appointment, functions and accountability 19. (1) the Chief Executive Officer shall be appointed by the Minister, on the recommendation of the Board. (2) the Chief Executive Officer shall be responsible for the administration of the day-to-day business and Affairs of the Corporation.
(3) the Chief Executive Officer shall be liable to answer and be liable to the Board for the exercise of its powers and the performance of its duties.
Law Malaysia38 Act 720 (4) in the absence or inability of the Chief Executive Officer, the Board may allow an officer of the Corporation to carry out duties, functions and responsibilities of the Chief Executive Officer.
Terms and conditions of service 20. The Chief Executive Officer shall be — (a) for the purposes of Chapter 4, be deemed to be an officer or employee of the Corporation and subject to the terms and conditions of service; and (b) enjoy any compensation, benefits and other remuneration as may be approved by the Minister, on the recommendation of the Board.
Chapter 4 officers and employees, etc.
The appointment, terms and conditions of service 21. (1) the Corporation may appoint any officers and employees as may be necessary to conduct the business and Affairs of the Corporation and the officer or employee shall hold office for such period, receive any compensation and any other remuneration, and shall be subject to such terms and conditions of service as may be determined by the Board.

(2) an officer or employee of the Corporation shall, at all times, acted in good faith and in compliance with any requirements, standards, duties and code of conduct including a surcharge as provided in the by-laws made by the Board under paragraph 12 (1) (a).
(3) the Corporation may, with the approval of the Board, establish and maintain a pension funds or savings for officers and employees of the Corporation.
Perbadanan Insurans Deposit Malaysia 39 financial assistance to officers, employees and others 22. The Corporation may hold — (a) subsidy, grant, facilities financing Islamic or conventional credit facilities, with or without Returns or flowers, to obtain housing or vehicles or for medical purpose or for financing or loans for mercy, to officers and employees;
(b) financing of Islamic or conventional credit facilities, with or without Returns or interest, for the purpose of education or scholarships to officers and employees or any other person; and (c) donation to any person, upon such terms and conditions as may be determined by the Board.
Chapter 5 the duty and power to investigate Restrictions specifically on certain customers Affairs 23. Without prejudice to the powers of scrutiny, examination, investigation, inquiry or resolution that is provided to the Corporation, there is nothing in this Act shall be — (a) allow the Minister to direct the Corporation; or (b) allow the Corporation to investigate specifically the State of affairs of any client of a member institution.
Confidentiality 24. (1) a Director, officer, employee or agent of the Corporation include a person appointed under subsection 25 (3) or legal Malaysia40 720 Act any person who for any reason whatsoever have any means of access to any records, books, registers, correspondence or any other document, material or information relating to the business and Affairs of — (a) the Corporation;
(b) Bank Negara Malaysia;
(c) a member institution;
(d) a customer of Bank Negara Malaysia; or (e) a customer a member institution, which has been diperolehnya while performing its duties or exercise of its functions, may not — (A) give, tell, show, publish, or otherwise disclose to any person, records, books, registers, correspondence or any other document, material or information; or (B) use the records, books, registers, correspondence or any other document, material or information, unless the disclosure or use of, as the case may be, is required — (C) under any law;
(D) for the execution of his duties or the exercise of its functions under this Act; or (E) according to the law by any court.
(2) No person who receives or obtains records, books, registers, correspondence or any other document, material or information disclosed in accordance with subsection (1) may disclose or use except for the purposes of specific it records, books, registers, correspondence or any other document, material or information has been disclosed to that person.
(3) this section shall not apply to any records, books, registers, correspondence or any other documents, materials Perbadanan Insurans Deposit Malaysia 41 or the information at the time of disclosure is, or has been made available, in accordance with the law for the public from any source. (4) no one who has any records, books, registers, correspondence or any other documents, materials or information on its knowledge was disclosed in contravention of subsection (1) may be in any manner whatsoever disclose same to any other person.
(5) where the Corporation in the exercise of any power, or the discharge of any kewajipanya or its functions, under this Act or under any other law whatsoever, suspect that any person has committed any offence under this Act, or any kind of other laws, then shall the law for corporations to provide information about the conduct of a police officer, or reveal any information relating to the offence to any member institution or any other person affected by the offence or to the any other authority or person who has the power to investigate or enforce legal provisions under which the offence suspected to have been committed by the Corporation.
(6) subsection (5) shall be in full force and effect, notwithstanding any inconsistency in respect of or contrary to it, in this Act or any other law.
(7) any person who contravenes subsection (1), (2) or (4) commits an offence and shall, on conviction, to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.
Powers of the Corporation 25. (1) the Corporation shall have all the powers as may be necessary for or in connection with, or reasonably incidental to, the achievement of its goals, the performance of its functions or the discharge of its duties. (2) without prejudice to the generality of subsection (1), for the purposes of this Act, the Corporation may do all things law Malaysia42 Act 720 necessary for or incidental to the aim of the Corporation and, in particular, the Corporation may — (a) for the purpose of reducing or avoiding risks to the financial system or the threat of loss to the Corporation — (i) acquire assets of member institutions;
(ii) except for the purposes of the preparation of the likuiditi assistance, make loans or advances or provide financing with or without collateral, or guarantees with or without collateral for any loan, advance or funding provided, to the member institution;
(iii) acquire, by way of collateral or otherwise, or subscribe for shares or instrument capital of a member institution and hold, dispose of or otherwise deal with shares or instrument of the capital;
(iv) make a deposit with deposit-taking members;
(v) to ensure all or part of the liabilities of deposit-taking members in respect of a deposit; or (vi) guarantee or take over all or part of the liability of the members of the insurer in respect of a takaful benefits or insurance;
(b) hold, dispose of or otherwise deal with assets acquired from a member institution;
(c) borrow or otherwise raise funds in such manner as the Corporation may think fit;

(d) acquire and hold any property, movable or immovable property for his own use and dispose of or otherwise deal with such property;
(e) guarantee, indemnify, or become liable for the payment of money or the implementation of any obligation;
(f) the charge gave his promise, or creating a lien or transfer or otherwise deal with any of its assets to secure the implementation of any of its obligations or the obligations of any other person;
Perbadanan Insurans Deposit Malaysia 43 (g) make any agreement with any person to achieve its objectives or in connection with the performance of its functions, including a strategic alliance agreement with Bank Negara Malaysia;
(h) settle or mengkompromi any claim by or against the Corporation;
(ha) providing any subsidy, grant, facilities financing Islamic or conventional credit facilities, with or without Returns or flowers, to any person for the purpose of training, research, education or human resources development in relation to banking and financial services; and (i) do all such other things as may be necessary for or incidental to the exercise of any power or performance of any obligation of the Corporation.
(3) the Corporation may, either generally or in any particular case, appoint any person who is not a Director, officer or employee of the Corporation, to provide such assistance as may be specified by him in the exercise of its powers, the performance of its functions or the discharge of its duties, under this Act, or to carry out, exercise and perform the powers, functions or duties of the behalf and in the name of the Corporation as may be determined by the Corporation.
Lending of money or the provision of funding for a specific purpose, 26. The Corporation may make loans or provide financing, either with or without security, to a corporation other than the member institution — (a) for the purpose of, or in connection with, the implementation of a action resolution or more under this Act; and (b) for the purpose of reducing or avoiding risks to the financial system or the threat of losses to the Corporation.
Law Malaysia44 Act designation of an additional 720 member institutions 27. (1) for the purpose of promoting or maintaining financial system stability or confidence of the public in the stability and on the recommendation of the Corporation and Bank Negara Malaysia, the Minister may by order published in the Gazette, designate any development financial institutions or any other person who is regulated and supervised by Bank Negara Malaysia, in addition to the financial institutions defined in section 2, becomes a member institution for the purposes of this Act.
(2) the Order referred to in subsection (1) may provide that any provision of this Act shall not apply in respect of that person, or shall apply with respect to that person.
Chapter 6 Financial Fund and resources fund 28. (1) for the purposes of this Act, the Corporation shall maintain and administer six separate fund the following: (a) an Islamic deposit insurance fund which shall consist of — (i) premiums received by the Corporation under this Act; and (ii) all moneys or other assets that could in any way be lawfully payable to, received by or vested in the Corporation in relation to any matter incidental to the powers, duties and functions, with respect to Islamic deposit;
(b) a conventional deposit insurance fund which shall consist of — (i) premiums received by the Corporation under this Act; and Perbadanan Insurans Deposit Malaysia 45 (ii) all moneys or other assets that could in any way be lawfully payable to, received by or vested in the Corporation in relation to any matter incidental to the powers, duties and functions, with respect to conventional;
(c) a family takaful Fund which shall consist of — (i) all levies received by the Corporation under this Act; and (ii) all moneys or other assets that could in any way be lawfully payable to, received by or vested in the Corporation in relation to any matter incidental to the powers, duties and functions, in respect of family takaful certificate;
(d) a general takaful protection fund which shall consist of — (i) all levies received by the Corporation under this Act; and (ii) all moneys or other assets that could in any way be lawfully payable to, received by or vested in the Corporation in relation to any matter incidental to the powers, duties and functions, with respect to the General takaful certificate;
(e) a life insurance protection fund which shall consist of — (i) all levies received by the Corporation under this Act; and (ii) all moneys or other assets that could in any way be lawfully payable to, received by or vested in the Corporation law Malaysia46 720 Act relating to any matter incidental to the powers, duties and functions, in respect of the life policy; and (f) a general insurance protection fund which shall consist of — (i) all levies received by the Corporation under this Act; and (ii) all moneys or other assets that could in any way be lawfully payable to, received by or vested in the Corporation in relation to any matter incidental to the powers, duties and functions, with respect to general policy.
(2) the Corporation is authorized to credit the all direct operating income to and to impose all expenses, costs and damage caused to the Fund or group-specific fund, and if the related expenses, costs or loss could not be dihubungkaitkan specifically with the Fund or group-specific fund, charges that — (a) shall be distributed between the group the money according to a formula prescribed by the Corporation; or (b) if the Corporation does not specify a formula, shall be distributed between the Fund according to the proportion of the amount of the premiums and Islamic and conventional levies collected in the year of assessment preceding the year of credit or liability is made.
Lending of money or the provision of financing to the Corporation

29. (1) Without prejudice to section 156, the Minister may, at the request of the Corporation, lends money or allocate funding to the corporation upon such terms and conditions as the Minister may determine.
Malaysia Deposit Insurance Corporation 47 (2) any loan of money or financing provisions pursuant to subsection (1) shall be made out of the Consolidated Fund and if borrowing such financing or provision is made, the Minister shall cause a statement of the secondment or financing provisions laid before the House of Commons at the earliest opportunity.
The investment allowed 30. (1) the Corporation may invest in the following: (a) ringgit denominated securities issued or guaranteed by the Government or Bank Negara Malaysia or from high investment grade as evaluated by a reputable rating agencies;
(b) deposits with the Central Bank or any financial institution; or (c) any other approved by the Minister, on the recommendation of the Board.
(2) the Corporation may, solely for the purpose of protecting any disclosures arising from paragraph (1) (a), (b) or (c), making financial transactions, whether traded on the Exchange or over the counter include swap contracts, futures, options and futures.
(3) any investment made by the Corporation under subsection (1) of the Islamic deposit insurance fund, the Fund family takaful coverage or General takaful protection shall be in accordance with the Shariah.
Financial year ended 31. Unless directed otherwise by the Minister, the financial year of the Corporation shall begin on the first day of January and ends on the day to thirty-one December of each year.
Law Malaysia48 Act 720 Requirements keep books, records, accounts or other document 32. The Corporation shall cause the books, records, accounts or other documents stored and shall, as soon as practicable after the end of each financial year, cause prepared for that financial year financial statements the appropriate Act, statutory bodies (accounts and annual reports) 1980 [Act 240].
Auditors 33. Accounts of the Corporation shall be audited by the Auditor General.
Financial statements and annual report 34. (1) the Corporation shall, within three months from the close of its financial year, send a copy of the annual accounts certified by the Auditor-General and an annual report on the work of the Corporation during the trip that year to the Minister, who shall, as soon as possible, cause it is laid before the Senate and House of Commons.
(2) the Corporation may publish the annual accounts and the annual report referred to in subsection (1) in respect of annual accounts and the annual report cannot be laid before the Dewan Negara and Dewan Rakyat within six months from 31 December of the previous year of assessment.
The financial statements are not consolidated 35. Notwithstanding section 32 and any other law, the Corporation does not have to provide, submit or publish consolidated financial statements and the Corporation, a intermediate institutions and any other Corporation subsidiary as specified by the Corporation may prepare, submit and publish separate financial statements.
Malaysia Deposit Insurance Corporation 49 part III MEMBERSHIP CANCELLATION and TERMINATION, be deemed to be members of the 36. (1) a licensed bank or bank Islam — (a) that is deemed to be a member institution under section 37 of the Act is repealed, shall be continued permanently as a member institution under this Act; or (b) licensed under the banking and financial institutions Act 1989 [Act 372], the Islamic Banking Act 1983 [Act 276] financial services act, 2013 or Islamic financial services Act 2013 after the commencement of this Act, shall be deemed to be a member institution from the date it is granted a license.
(2) a takaful operator or the insurance company deemed to be a member institution — (a) from the effective date of this Act; or (b) if it starts to exist after the effective date of this Act, from the date it is registered under the Takaful Act 1984 [Act 312], or licensed under the Insurance Act 1996 [Act 553], Islamic financial services Act or the financial Service Act 2013 2013.
(3) any person designated as member institution by an order referred to in subsection 27 (1) is deemed to be a member institution from the effective date of the order.
(4) Notwithstanding subsection 120 (1), this section shall not apply to an intermediate institution.
Terms and conditions of membership of the 37. (1) the terms and conditions of membership of a member institution shall be established by regulations made under section 209. (2) a member institution shall comply with the terms and conditions as may be prescribed pursuant to subsection (1).
Law Malaysia50 720 Act (3) any person who contravenes subsection (2) commits an offence and shall, on conviction, to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or both and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
Cancellation of membership of 38. Membership of a member institution that is a financial institution to be cancelled if a license to the member institution has been extradited or cancelled under the financial services act 2013 or Islamic financial services Act 2013.
Termination of membership 39. (1) the Board may, at any time after the Corporation received a notification under section 98 and whether or not the Corporation has been exercising any of its powers under section 99 or not, to hold a meeting to decide whether membership of the member institution should be terminated. (2) if the Board intends to terminate the membership of the member institution, the Corporation shall give written notice of his proposal to the member institution and shall give the member institution an opportunity to make representations within a period of five days from the date of the notice with respect to the proposal.
(3) if the representations have been received by the Corporation from the member institution, the Board shall consider the representations and shall decide to confirm or not confirm the proposal to terminate the membership of the member institution. (4) If the Board has confirmed its proposal to terminate the membership of the member institution, the Corporation shall —

(a) forthwith notify the Minister and the Central Bank in writing; and Malaysia Deposit Insurance Corporation 51 (b) issue a written notice of termination of membership to the member institution that membership shall be terminated upon the expiry of which is specified in the notice.
(5) (Cut by the Act A1505).
(6) (Cut by the Act A1505).
(7) If, at any time after a notice of termination has been given to a member institution under subsection (4), the Corporation is satisfied that as a result of any action by the member institution, or any other person, the risk to depositors or takaful beneficiary or insured person or Corporation have been avoided or reduced substantially, the Corporation may cancel the deletion notice and advise the Minister accordingly.
(8) any decision of the Corporation to terminate a membership or cancel the termination shall be final and binding.
The effect of the cancellation or termination of 40. (1) if the membership of a member institution has been revoked under section 38 or terminated under section 39 — (a) a former member institution shall not be wearing or using the words "deposit insurance" or "takaful benefits protection" or "compensation" or "takaful protection insurance benefits" or "compensation" insurance benefits, or any derivative of or variants of that word in any language or any other words in any language that can be construed as means or implies that the institution is a member institution;
(b) in the case of the former deposit-taking members, deposits outstanding at the effective date of cancellation or termination of the membership of that, less any withdrawals from the deposit, will continue to be insured for a period of two years from the effective date of the cancellation or termination or until the issuance of all, whichever is earlier;
Law Malaysia52 Act 720 (c) in the case of a former member of the insurer, the benefits covered on the date of cancellation or termination of membership is to take effect, less any payments made by reason of the benefits, shall continue to be protected after the effective date of cancellation or termination until fulfilment of all obligations of the former members of the insurer in respect of the takaful benefits or insurance;
(d) a former member institution shall not be deemed to be a member institution just because its liability in respect of the deposit or takaful benefits or insurance directly insured or protected under this Act even if membership has been revoked or terminated; and (e) a former member institution shall not be discharged from obligations or liabilities to the Corporation that has accrued prior to such cancellation or termination of the membership.
(2) if the membership of the former deposit-taking members has been terminated under section 39, the institution cannot, with effect from the effective date of the termination, ask for or accept any more deposits.
(3) if the membership of the former members of the insurers has been terminated under section 39, the institution cannot, with effect from the effective date of the termination, offering or withdrawing any more of the takaful certificate or policy of insurance or renew any certificate or policy of insurance.
(4) for the purposes of paragraph (1) (b) or (c), a cancellation or termination of membership shall not prejudice the obligations, rights and the ability of the Corporation to make a payment under section 3 of part IV or Chapter 3 part V.
(5) if the membership of a member institution has been cancelled or terminated — (a) in the case of the former deposit-taking members, the institution shall give notice of continuous insurance provided for in paragraph (1) (b);
Perbadanan Insurans Deposit Malaysia 53 (b) in the case of a former member of the insurer, the institution shall give notice of continuous protection provided for in paragraph (1) (c); and (c) the Corporation may give notice of cancellation or termination of the membership of the former member institution if in the opinion of the Corporation, the public interest requires that the notice given by publication in at least two newspapers published in Malaysia, one of whom shall be in the national language.
(6) If a former deposit-taking members obliged to reimburse someone any money received or held by it while it is still a member institution, the money will not be a deposit or part of a deposit for the purposes of deposit insurance with the Corporation if the date the person acquires his interest in the moneys is a date after the date of cancellation or termination of the membership of the former member institutions is to take effect as determined by the Corporation.
(7) if the former member insurers are liable to any person for a takaful benefits or insurance and liability it incurred while it is still a member institution, the benefits of takaful or insurances cannot be a covered benefit if the date people acquiring its interest in the benefits is a date after the date of cancellation or termination of the membership of the former member institutions is to take effect as determined by the Corporation.
(8) any former member institution who contravenes paragraph (1) (a) or paragraph (5) (a) or (b) commits an offence and shall, on conviction, to a fine not exceeding five million dollars and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
Law Malaysia54 Act 720 part IV Chapter 1 scope of DEPOSIT INSURANCE protection 41. (1) for the purposes of this section — (a) "deposit" means the aggregate balance outstanding of deposits as defined under subsection 2 (1) received or held by deposit-taking members from or on behalf of a person and includes — (i) a bank drafts, travellers cheques, prepaid letter of credit, money order or similar instrument in respect of which the deposit-taking members primarily liable;
(ii) cheque or instrument or such other instructions included in the payment system prescribed under subsection 30 (1) of the Financial Services Act 2013 or subsection 39 (1) Islamic financial services Act 2013 notwithstanding any delay or failure by deposit-taking members in crediting the account;
(iii) foreign currency deposits; or

(iv) any other liability or financial instrument as specified by the Corporation, but does not include, unless determined otherwise by the Corporation under subparagraph (iv) — (A) A deposit shall not be payable in Malaysia;
(B) a money market deposits;
(C) a negotiable instrument of deposit and any other carrier deposit;
(D) an agreement to buy again;
Malaysia Deposit Insurance Corporation 55 (E) a deposit payable by deposit-taking members in the course of banking business Labuannya undertaken under the Financial Services Act and Labuan Securities 2010 [Act 704] or Labuannya Islamic banking business conducted under the financial services and securities Islam Labuan 2010 [Act 705]; and (F) any liabilities or other financial instrument as specified by the Corporation;
(b) "trust account" includes money held in a trust account for the purpose.
(2) for the avoidance of doubt, liability or financial instruments referred to in subparagraph (1) (a) (iv) and paragraph (1) (a) (F) includes any liability or instrument under which a sum of money or monetary value received or paid according to terms by any person, that acceptance and reimbursement is in accordance with the terms of any agreement in line with Shariah on such basic , whether there is the obligation to repay the money in full or not.
Scope of coverage for deposits 42. (1) the Corporation shall be separately insured the following categories of deposits placed with member institutions: (a) the deposit of Islam; and (b) conventional.
(2) for the purposes of subsection (1) — (a) If a depositor had only one deposit with a deposit-taking members, deposits shall be insured — (i) in respect of principal and returns for Islamic deposit, as far as the limits set by the Minister on the recommendation of the Corporation; and (ii) in respect of principal and interest for conventional, as far as the limits set by the Minister on the recommendation of the Corporation; and the law Malaysia56 720 Act (b) If a depositor had more than one deposit with a deposit-taking members, the aggregate deposits shall be insured — (i) in respect of principal and returns for Islamic deposit, to the extent of any limitations prescribed by the Minister on the recommendation of the Corporation; and (ii) in respect of principal and interest for conventional, as far as the limits set by the Minister on the recommendation of the Corporation.
(3) for the avoidance of doubt, a limit prescribed under subsection (2) may in respect of any kind or description of the deposit and different limits may apply to type or different deposit description.
(4) subject to the regulations made under section 209 — (a) if the deposit-taking members obliged to refund money to a depositor acting as a trustee for any beneficiary or as joint owner with another person, and trust account or joint ownership it was revealed in the record of deposit-taking members of that — (i) the deposit of the depositor as trustee or as a joint owner , shall be deemed to be a deposit separate from any deposit of the depositor acting on behalf of himself or acting for another or the ability of trust together with the deposit-taking members;
(ii) If a trustee acting for two or more beneficiaries, deposits held by him in trust for each beneficiary, shall each be deemed to be a separate deposit; and (iii) deposits held in trust by a trustee for a beneficiary in the deposit-taking members shall be deemed to be a deposit separate from a deposit of the beneficiary with the deposit-taking members in his own Perbadanan Insurans Deposit Malaysia 57 and shall also be deemed to be separate from any deposit held in trust by the trustee to the beneficiary in the deposit-taking members;
(b) for the avoidance of doubt, if a depositor is joint owner of a deposit in a deposit-taking members with one another, the depositor deposits with the person shall be aggregated and deemed to be a deposit and must be insured to the extent of the limits prescribed under subsection (2); and (c) for the purpose of paragraph (4) (a) and (b) — (i) the deposit-taking members shall state in his record — (A) for a trust account, that account is held by the Trustees for beneficiary named; or (B) for a joint account, the name of each joint account holder;
(ii) the Trustees shall — (A) maintain detailed records as may be prescribed by the Corporation on the trust account;
(B) submit to the deposit-taking members that any records required by the Corporation under this Act; and (C) filing a statutory declaration certifying the accuracy of the records submitted under subsubperenggan (B) when required by the Corporation; and (iii) the Trustees in maintenance and submit any records about the trust accounts required under subparagraph (ii) shall ensure that the information provided is true, correct and complete and do not contain false or misleading information and deposit-taking members shall rely on any of the records for the purposes of subparagraph (i) and a trustee of the law Malaysia58 Act 720 shall indemnify deposit-taking members that in the event of any legal proceedings relating to the record.
(5) Notwithstanding anything in paragraph (4) (a), the Corporation may not insure separately deposits held in trust for any beneficiary if, in the opinion of the Corporation, the trust exists primarily for the purpose of obtaining or increasing deposit insurance.
(6) for the purposes of subparagraph (4) (a) (i), any deposits held in trust by a trustee to a beneficiary of the same shall be aggregated and deemed to be a deposit.
(7) subject to the regulations made under section 209 and a disclosure made by the trustees under subparagraph (4) (c) (ii), if a depositor — (a) operate a business as a sole proprietor or a partner of a partnership; or (b) exercise any professional practice,

that such was disclosed in the record of deposit-taking members, a deposit business or professional practice shall be deemed to be separate from the depositor's deposit on behalf of himself or as trustee or joint owner.
(8) the Corporation may require depositors to submit to the Corporation such information as it considers expedient or necessary for the purposes of making any payment under this Act.
Deposit transfer between deposit-taking members 43. (1) if the deposit liabilities of deposit-taking members (in this section referred to as "members of the pemindah") transferred to and taken over by other deposit-taking members, the deposit, less any withdrawals from the deposit, be deemed to be and will continue to be insured separately by the Corporation to the extent of any limits set under the Malaysia Deposit Insurance Corporation 59 subsection 42 (2) for a period of two years , or until the deposit maturity or removed altogether, whichever is earlier, after the date of transfer and acquisition.
(2) if there is liability deposit under subsection (1) — (a) a member of the pemindah shall give notice of the transfer of liabilities deposits and insurance separate ongoing referred to in subsection (1); and (b) the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, the public interest requires that the notice given by publication in at least two newspapers published in Malaysia, one of whom shall be in the national language.
(3) members of the pemindah shall indemnify the Corporation in the event of any payment made by the Corporation to depositors due to separate insurance referred to in subsection (1).
(4) if the membership of the Member pemindah cancelled or terminated after the date of deposit liabilities transferred to and taken over by deposit-taking members who took alihnya, separate insurance referred to in subsection (1) shall apply in lieu of continuous insurance referred to in paragraph 40 (1) (b). (5) the deposit-taking members shall maintain any records required by the Corporation for the purposes of subsection (1).
(6) the deposit-taking members in violation of paragraph (2) (a) commits an offence and shall, on conviction, to a fine not exceeding five million dollars and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
Law Malaysia60 Act 720 Deposit deposit-taking members obtained by non-deposit-taking members 44. (1) If a deposit liabilities of deposit-taking members (in this section referred to as "members of the pemindah") transferred to and assumed by a person not being a member of the recipient deposits, the deposit, less any withdrawals from the deposit, shall be deemed and shall remain insured by the Corporation to the extent of any limits set under subsection 42 (2), for the remainder of the year of assessment, or until the deposit maturity or removed all , whichever is earlier, after the date of transfer and acquisition.
(2) for the purposes of subsection (1), and in accordance with any rules made by the Corporation — (a) in respect of the depositor, the pemindah shall be — (i) the prior written permission of at least seventy-five per cent of all depositors to transfer the deposit liabilities;
(ii) obtain written certification from each depositor that depositors are aware that the deposit is transferred to and taken over by people who take alihnya to be insured for the remainder of the year of assessment, or until the deposit maturity or removed altogether, whichever is earlier, and after that, the deposit liabilities not yet insured in whole or in part by the Corporation;
(iii) when required in writing, pay to a depositor, the principal amount of the deposit and returns or interest rates, calculated up to the date of production and there are no charges or penalties may be imposed in respect of the payment; and (iv) provide a statement that the obligations of the Member pemindah to repay a deposit will be taken over by people who take over the deposit; and (b) the person takes over the deposit shall make an agreement in writing to take over liabilities of deposit pemindah members on the same terms and conditions.
Perbadanan Insurans Deposit Malaysia 61 (3) for the purposes of paragraph (2) (b), the Member pemindah shall indemnify the Corporation in the event of any payment made by the Corporation to depositors due to continuous insurance referred to in subsection (1).
(4) the person who takes over the deposit shall maintain any records required by the Corporation for the purposes of subsection (1).
Deposit deemed to 45. If deposit-taking members take over liabilities deposits from other deposit-taking members under section 43, the deposit for the purposes of sections 47 and 48, deemed to have been placed with deposit-taking members who take alihnya on the day it is taken over.
Not part of deposit 46. If money or has been received by deposit-taking members for which deposit-taking members it has released or obliged to issue an instrument evidencing a deposit, other than a bank drafts, travellers cheques, letters of credit or pre-paid money order — (a) the money will not be a deposit unless the instrument and record the deposit-taking members stating the person entitled to on the date of issuance of the instrument, to the repayment of the money proved;
(b) the person referred to in paragraph (a) shall be deemed to be a depositor in respect of the money unless the details of a transfer of the instrument is recorded in the record of deposit-taking members that, in the case of such recipients of transfers booking shown in the record shall be deemed to depositors; and (c) the entry of a transfer in the record of deposit-taking members shall not take effect for the purposes of paragraph (b), if entry is made after cancellation or termination of the membership of the deposit-taking members.
Law Malaysia62 Act 720 Chapter 2 Premium the first Premium in respect of deposit-taking members

47. (1) The Corporation shall be assessing and collecting the premiums payable by deposit-taking members for year of assessment that it becomes a member institution (in this section referred to as "the first premium") as follows: (a) two hundred and fifty thousand dollars; or (b) a rate as may be determined by the Minister on the recommendation of the Corporation, whichever is higher.
(2) for the avoidance of doubt, the different rates can be set under subsection (1) for the category of deposit-taking members differently.
(3) no first premium required to be paid in respect of liability for a deposit that is transferred from a deposit-taking members to deposit-taking members of the other group in a business in respect of which the premium has been paid for the year of assessment that deposit-taking members the second it became a member.
(4) deposit-taking members shall pay the first premium to the Corporation within thirty days from the date it became a member or any other period determined by the Corporation.
Annual premium in respect of deposit-taking members 48. (1) every deposit-taking members shall, for each year of assessment following the year of assessment that it become deposit-taking members, pay the annual premium on or before the date due specified annual by the Corporation.
(2) subject to subsection (3), the rate or rates of annual premium shall be as prescribed by the Minister on the recommendation of the Corporation.
Perbadanan Insurans Deposit Malaysia 63 (3) Annual Premium payable by deposit-taking members for a year of assessment should not be lower than any amount or minimum amounts as may be prescribed by the Minister on the recommendation of the Corporation.
(4) for the avoidance of doubt, the rates fixed under subsection (2) and the minimum amount determined under subsection (3) may be in relation to the category in which the deposit-taking members classified under regulations and premium rates and minimum amount of different can apply to different categories.
(5) any deposit-taking members in violation of subsection (1) commits an offence and shall, on conviction, to a fine not exceeding three million dollars and may, in addition, a daily fine not exceeding thirty thousand dollars for each day the offence continues after conviction.
The calculation of the annual premium in respect of deposit-taking 49 members. (1) Annual Premium shall be calculated as follows: (a) the annual premium payable by deposit-taking members shall be based on total insured deposits held by deposit-taking members such as at 31 December of the previous year of assessment;
(b) annual premium in Islamic and conventional deposits shall be calculated separately; and (c) the premium rate applicable to each deposit-taking members shall be based on such criteria as set out in the regulations.
(2) the Premium payable by deposit-taking members shall be based on a statement by the Chief Executive of the deposit-taking members and submitted in any form and duration as may be required by the Corporation.
Law Malaysia64 of the Act in respect of deduction 720 No deposit-taking members 50. Unless the Corporation agree otherwise in any particular case, no payment of premiums or premium surcharges owed to the Corporation by deposit-taking members be released, reduced or otherwise adjusted by reason of any claim that the deposit-taking members have against the Corporation.
A surcharge of premiums with respect to deposit-taking members 51. (1) Notwithstanding the first premium payment in respect of the first year of assessment or annual premium in respect of any particular year of assessment, the Corporation may assessing and collect a premium surcharge from deposit-taking members in respect of the year of assessment or any part thereof in accordance with this section.
(2) a surcharge of premiums payable by deposit-taking members under subsection (1) in any particular year of assessment shall not exceed the premium payable by deposit-taking members that in respect of the preceding year of assessment or a million dollars, whichever is higher.
(3) If, in the opinion of the Corporation deposit-taking members — (a) (Cut by the Act A1505);
(b) has not been or is not complying with the terms and conditions of membership, any undertaking given to or agreement made by the Corporation, or any regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or notes of the Corporation in respect of deposit insurance;
(c) has not or does not comply with the request for information or has blocked the right to gain access to information by the Corporation, Bank Negara Malaysia or any person acting on behalf of the Corporation under this Act; or (d) has not or does not maintain records of deposits with accordingly or make any misrepresentation, whether through any act or omission, of any Malaysia Deposit Insurance Corporation 65 information, including information about the liabilities of insured deposits which are used as a basis for any assessment premiums under this part, the Corporation shall — (A) if it plans to impose a surcharge of premiums on deposit-taking members of the , in consultation with the Central Bank about the reason to impose a surcharge of premiums and the amount of the premium surcharge; and (B) provide deposit-taking members is an opportunity to make representations to the Corporation about any proposed premium surcharges within seven days from the date of a written notice issued by the Corporation to the deposit-taking members.
(4) If the Corporation receives representations from the deposit-taking members within the time specified in paragraph (3) (B), the Corporation shall consider the representations and decide whether to impose a surcharge of premiums and if so, decide the amount of the premium surcharges. (5) where the Corporation decided to charge a premium surcharge, the Corporation must obtain written approval from the Minister before applying the premium surcharge on deposit-taking members of it. (6) a premium surcharge shall be imposed by the Corporation by written notice to the deposit-taking members and shall be payable to the Corporation within thirty days from the date of the notice or such other period as may be determined by the Corporation.

(7) any opinion formed or decisions made by the Corporation in connection with the imposition of or the amount of any premium surcharge in respect of any deposit-taking members shall be final and binding.
(8) a surcharge paid to the Corporation under this section shall be paid into and form part of the consolidated fund.
Law Malaysia66 Act 720 overdue charges in respect of deposit-taking members 52. If any premium or premium surcharges owed and payable under section 47, 48 or 51 has not been paid by deposit-taking members at due date, premium or premium surcharge shall be paid, without further notice delivery to the deposit-taking members, be increased to an amount determined in the regulations such unpaid premium.
Premium regulations with respect to deposit-taking members 53. The Corporation may make regulations with respect to the determination of the first premium and annual premium includes — (a) the establishment of a system of classification of deposit-taking members in different categories; and (b) the criteria or factors to be taken into account and the procedure to be followed by the Corporation in determining the category in which the deposit-taking members of the classified.
Premium and surcharge on deposit-taking members deemed earned 54. Any premium or premium surcharge payable under this section shall be deemed fully earned when due and shall not be refunded.
Chapter 3 Payment Costs 55. (1) all costs incurred by the Corporation in respect of — (a) the deposit of Islam and all costs related to it shall be made of the Islamic deposit insurance fund; Malaysia Deposit Insurance Corporation and 67 (b) conventional and all costs related to it must be made from conventional deposit insurance fund.
(2) all references in this chapter about deposit-taking members including, if applicable, a former deposit-taking members that membership has been revoked under section 38 or terminated under section 39.
A mandatory fee 56. (1) the Corporation shall make payment in respect of any deposit insured by the Corporation if a winding-up order has been made in respect of — (a) deposit-taking members who hold the deposit;
(b) the former deposit-taking members as referred to in paragraph 40 (1) (b), if the winding order is made within two years from the effective date of cancellation or termination of membership; or (c) any person to whom the deposit liabilities have been transferred under subsection 44 (1) If a winding-up order is made in the remaining year of assessment after the date of transfer and acquisition.
(2) if the Corporation is obliged to make a payment under subsection (1) in respect of any deposit, the Corporation shall as soon as possible and in any case not more than three months from the date of the winding-up order (in this section referred to as "statutory period") make the payment to that person based on the record of deposit-taking members, former deposit-taking members or person to whom the deposit liabilities have been transferred as is mentioned in paragraph (1) (c) as the Corporation is of the opinion appears to be entitled to it.
(3) the statutory Period cannot apply if the Corporation cannot determine the person who is entitled to a payment or an amount shall be paid in respect of a deposit, due to — (a) the effective law;
Law Malaysia68 720 Act (b) an action in the courts on the rights over or deposit amount;
(c) a court order; or (d) a bankruptcy petition or winding up are forwarded to the Court against a depositor.
(4) any decision made by the Corporation in relation to a person who is entitled to a payment or an amount shall be paid in respect of a deposit shall be final and binding.
Payment is at the discretion of 57. The Corporation may, with the prior written consent of the Minister, make payment in respect of any deposit insured by the Corporation if — (a) a deposit-taking members who hold the deposit, a former deposit-taking members holding deposit as referred to in paragraph 40 (1) (b) or someone to whom the deposit liabilities have been transferred under subsection 44 (1), was unable to make any payment in respect of the deposit , caused by — (i) a court order;
(ii) any action taken by a regulatory body or Corporation; or (iii) any action taken by the receiver, Manager or receiver and Manager during the period of the deposit-taking members or person to whom the deposit liabilities have been transferred are in receipt;
(b) a winding-up petition has been submitted to the Court against deposit-taking members holding deposit it or someone to whom the deposit liabilities have been transferred under subsection 44 (1); or (c) membership of the deposit-taking members holding the deposit is cancelled or terminated.
Perbadanan Insurans Deposit Malaysia 69 prepayment is 58. For the avoidance of doubt, the Corporation may use its discretion in respect of section 56 or 57 to make any payment or part payment to any depositor in respect of any deposit insured by the Corporation, led costs to any other depositors.
The date to calculate liability 59. (1) the date for calculating the amount of the payment required by the Corporation shall at the date of filing of a petition for the winding-up.
(2) the date for calculating the payment amount discretion under section 57 shall be on the date of any event referred to in section 57 the first occurred.
Calculation of Returns or interest on deposit for a mandatory fee of 60. For the purpose of calculating mandatory fee by the Corporation in respect of any deposit insured by the Corporation if a winding-up order has been made in respect of deposit-taking members who hold the deposit, a former deposit-taking members as referred to in paragraph 40 (1) (b) or any person to whom the deposit liabilities have been transferred under subsection 44 (1), money tree, including return or interest accrued in relation to the deposit shall be included only to the date of filing of a petition for the winding-up.
The Corporation may pay interest on a return or mandatory fee

61. If the Corporation makes a payment required under section 56, the Corporation may at its sole discretion to pay, in addition to the amount that the Corporation is obligated to pay, return or interest on that amount at a rate as determined by the Corporation for the period beginning on the date of filing of a petition for the winding-up in respect of deposit-taking members who hold the deposit and ending on the date the payment is made in respect of the deposit , but the aggregate of payments made under this section and the law Malaysia70 Act 720 section 56 in relation to the deposit shall in any case not exceeding any limits as may be prescribed under subsection 42 (2).
Calculation of Returns or interest on deposit for costs 62 discretion. For the purposes of calculating the payment by the Corporation in respect of any deposit insured by the Corporation if the Corporation makes a payment at the discretion of — (a) subject to paragraph (b), return or interest accrued in relation to the deposit shall be included only to the date of payment by the Corporation; or (b) If a proceeding for the winding up of deposit-taking members who hold the deposit was initiated prior to the date of payment by the Corporation but an order winding up has not yet been made, return or interest accrued in relation to the deposit shall be included only to the date of filing of a petition for the winding-up.
Interest on deposit Returns or related index 63. Any returns or interest referred to in section 60 or 62 in relation to a deposit held by deposit-taking members shall be determined in accordance with rules prescribed by the Corporation if a payment is to be made by the deposit-taking members in respect of the deposit would be determined in whole or in part, by reference in any way to — (a) the market price of a security , commodities or financial instruments;
(b) the exchange rate between any two currencies;
(c) a reference to the rate determined by reference to any one or more of the prices or the rate;
(d) a reference to the rate determined by reference to any one or more incidents of non-financial assets; or (e) any other type of variable index or other reference source as determined by the Corporation.
Perbadanan Insurans Deposit Malaysia 71 Release liability, etc., with respect to insured deposits 64. (1) payments under this chapter by the Corporation in respect of any deposit insured by the Corporation release the Corporation from all liability to the extent of the amount of the payment made in respect of the deposit, and in any case even the Corporation does not have any obligation to ensure that the payments are used in any way.
(2) the Corporation may make payment under section 56, 57, 58 or 61 in such manner as deemed appropriate by the Corporation.
(3) without prejudice to subsection (2), the Corporation may make payment to arrange that the person considered by the Corporation as entitled to payment is received a deposit in deposit-taking members of the payment amount to be repayable on demand, provided that the deposit is a deposit of Islamic or conventional by whether the insured deposits in respect of which the payment is made is an Islamic deposit or conventional.
Subrogation 65. If the Corporation makes a payment under this chapter in respect of any deposit, the Corporation is disubrogasi, so far as the amount of the payment made, to all the rights and interests of depositors in relation to deposit it and can take an action with respect to the rights and interests of the depositor's name or in the name of the Corporation.
Assignment 66. If the Corporation characterized fit, the Corporation may withhold payment in respect of any deposit with a deposit-taking members until they receive an assignment in writing of all the rights and interests of depositors in relation to deposit it.
Law Malaysia72 Act 720 time limit for claims in respect of insured deposits 67. The time limit to commence an action against the Corporation in respect of the duties of the Corporation under subsection 56 (2) to make payment in respect of a deposit is ten years after the date of filing of a petition for the winding-up.
Part V PROTECTION of TAKAFUL and INSURANCE BENEFITS Chapter 1 scope of coverage the definition of 68. For the purposes of this section — (a) "takaful benefits" means the aggregate of the takaful benefit for which a member of the insurer be liable to any person in the ordinary course of the takaful business members of the insurer; and (b) "insurance benefits" means the aggregate of insurance benefits for which members of the insurer be liable to any person in the ordinary course of business of insurance of the insurer's members.
Scope of coverage for the insurance policy certificate and 69. (1) the Corporation shall provide separately in respect of loss of benefits covered under the category of the takaful certificate or policy of insurance the following: (a) family takaful;
(b) General;
(c) life insurance; and (d) General insurance.
Malaysia Deposit Insurance Corporation 73 (2) for the purposes of subsection (1), the Corporation may set the following by regulations under section 209: (a) the type or description of takaful benefits in the categories referred to in subsection (1) which is a takaful benefits covered, type or description of the beneficiary and the type or description of the property covered, or not including, under the protection of takaful and insurance benefits; and (b) the type or description of insurance benefits in the categories referred to in subsection (1) which are insurance benefits covered, type or description of the insured and the type or description of the property covered, or not including, under the protection of takaful and insurance benefits.
(3) for the purposes of this section — (a) "risk" means — (i) in relation to a family takaful certificate, death or survivorship life people participating life;
(ii) in relation to a life policy, death or survivorship life insured life;
(iii) in relation to a general certificate, upon the happening of a loss incident or more provided under the certificate; and (iv) in relation to a general policy, losses upon the happening of an event or more provided under the policy;

(b) "certificate of group" or "group policy" means the certificate or policy of insurance under which there are three participating life or life of the insured person or more at the time of certificate or policy is issued;
(c) "third party" means a person, who is not a beneficiary of takaful or insured person, that person's claim against the beneficiary of takaful or insured person indemnified under a general takaful certificate or general policy;
Law Malaysia74 Act 720 (d) "risk event" means any event related to it a takaful certificate or insurance policies provide for a takaful benefits or insurance.
(4) for the purposes of subsection (1) — (a) where an owner's certificate shall be entitled to the top benefits covered under two family takaful certificate or more with the same insurer with incidences of the same in respect of the same participating life, the aggregate benefits shall be covered to the extent of any amount determined by the Minister on the recommendation of the Corporation;
(b) If a policy owner is entitled on the benefits covered under two or more life policy with the same insurer relating to the same incident risk in respect of the insured person lives, the aggregate benefits shall be covered to the extent of any amount determined by the Minister on the recommendation of the Corporation;
(c) where an owner's certificate or policy entitled on the benefits covered under two General takaful certificate or general policy or more with the same insurer, the aggregate benefits or insurance under takaful certificate takaful General or general policy shall be covered — (i) in respect of the benefits covered under General relating to the same incident risk in respect of participating life or property covered the same , to the extent of any amount determined by the Minister on the recommendation of the Corporation; and (ii) in respect of the benefits covered under general policy relating to the same incident risk in respect of the insured person the life or property of the insured person, the extent of any amount determined by the Minister on the recommendation of the Corporation;
(d) where an owner's certificate or policy indemnified by the insurer under a general takaful certificate or general policy on claims two Perbadanan Insurans Deposit Malaysia 75 or more third-party risks in respect of the same incident, takaful benefits or insurance in respect of third parties shall claim per covered severally to the extent of any amount as may be prescribed by the Minister on the recommendation of the Corporation;
(e) if — (i) an owner's certificate shall have the right to the benefit covered under a certificate of takaful family group; or (ii) a policy owner is entitled to the benefit covered under a life policy group, takaful benefits or insurance in respect of each participating life or life of the insured person to whom the Group family takaful certificate or group life policy of the group is in relation to the covered severally to the extent of any amount determined by the Minister on the recommendation of the Corporation;
(f) if — (i) an owner's certificate shall have the right to the benefit covered under a group General takaful certificate; or (ii) a policy owner is entitled to the benefit covered under a general policy of the group, takaful benefits or insurance in respect of each participating life or life of the insured person to whom the General takaful certificate or policy group that is in relation to a general group must be protected separately to the extent of any amount determined by the Minister on the recommendation of the Corporation;
(g) if — (i) an owner's certificate shall have the right to the benefit covered under two groups group family takaful certificate or more issued by the same member insurers relating to the same incident risk in respect of the same participating life; or law Malaysia76 Act 720 (ii) a policy owner is entitled to the benefit covered under two or more group life policy issued by the insurer of the same in relation to the same incident risk in respect of the insured person lives, the aggregate benefits of takaful or insurances that in respect of each participating life or life of the insured person to whom family takaful certificate or life policy group that is in relation to the extent of the protected shall be such amount as determined by the Minister on the recommendation of the Corporation;
(h) if — (i) an owner's certificate shall have the right to the benefit covered under two group General takaful certificate or more issued by the same member insurers relating to the same incident risk in respect of the same participating life; or (ii) a policy owner is entitled to the benefit covered under two or more general policy issued by the insurer of the same in relation to the same incident risk in respect of the insured person lives, the aggregate benefits of takaful or insurances that in respect of each participating life or life of the insured person to whom the General takaful certificate or policy group that is in relation to a general group shall be covered to the extent of any amount determined by the Minister on the recommendation of the Corporation;
(i) if — (i) an owner's certificate shall have the right to the benefit covered under a family takaful certificate and a group family takaful certificate issued by the same member insurers relating to the same incident risk in respect of the same participating life; or Malaysia Deposit Insurance Corporation 77 (ii) a policy owner is entitled to the benefit covered under a life policy and a group life policy issued by the insurer of the same in relation to the same incident risk in respect of the insured person lives, the aggregate benefits of takaful or insurances that in respect of each participating life or insured life with her family takaful certificate and the Group family takaful certificate or life policy and group life policy that is contact shall be covered to the extent of any amount determined by the Minister on the recommendation of the Corporation; and (j) if — (i) an owner's certificate shall have the right to the benefit covered under a general takaful certificate and a certificate of takaful General or more issued by the same member insurers relating to the same incident risk in respect of the same participating life; or

(ii) a policy owner is entitled to the benefit covered under a general policy and one or more general policy issued by the insurer of the same in relation to the same incident risk in respect of the insured person lives, the aggregate benefits of takaful or insurances that in respect of each participating life or life of the insured person to whom General takaful certificate takaful certificate and General or general policy and general policy the group is in relation to must be covered the extent of any amount determined by the Minister on the recommendation of the Corporation.
(5) in the case of a person is the owner of the certificate or policy of entitled to the benefit covered under only one takaful certificate or policy by a member insurer, takaful benefits or insurance shall be covered to the extent of the amount of the relevant prescribed under paragraph (4) (a), (b) or (c).
Law Malaysia78 Act 720 (6) in the case of a person is the owner of the certificate or policy of entitled to the benefit covered under paragraph (4) (a), (b) or (h) and family takaful certificate or policy of its life, or group family takaful certificate or its group life policy, the aggregate of the surrender value in respect of each participating life or life of the insured person shall be covered to the extent of any amount determined by the Minister on the recommendation of the Corporation.
(7) for the avoidance of doubt, such amount as may be prescribed under subsection (4) may in relation to any type, description or category of benefits covered and the amount of different can be set for type, description or category of takaful and insurance benefits covered differently.
Migration certificate or policy between members of the insurer 70. (1) if the liability of the takaful certificate or policy of insurance a member insurer (in this section referred to as "members of the pemindah") transferred to and taken over by other insurers, the benefits covered shall be deemed and shall remain covered separately by the Corporation up to the discharge of the obligations of the members of the pemindah with respect to the takaful benefits or insurance.
(2) where there is a transfer of the liability of the takaful certificate or policy of insurance under subsection (1) — (a) a member of the pemindah shall give notice of the transfer of the liabilities of the takaful certificate or policy of insurance and the protection of separate ongoing referred to in subsection (1); and (b) the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, the public interest requires that the notice given by publication in at least two newspapers published in Malaysia, one of whom shall be in the national language.
(3) a member insurer shall maintain any records required by the Corporation for the purposes of subsection (1).
Perbadanan Insurans Deposit Malaysia 79 (4) a member of the insurer who contravenes paragraph (2) (a) commits an offence and shall, on conviction, to a fine not exceeding five million dollars and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
Chapter 2 Levi first Levi in respect of insurer members 71. (1) the Corporation shall be assessing and collecting levies payable by a member insurer for year of assessment which it becomes a member of the insurer (in this section referred to as "the first levy") as follows: (a) two hundred and fifty thousand dollars; or (b) a rate prescribed by the Minister on the recommendation of the Corporation, whichever is higher. (2) for the avoidance of doubt, the different rates can be set under subsection (1) for the category of members of different insurers.
(3) no levy first required payable in respect of liability for takaful certificate or policy of insurance which is transferred from a member insurers to other insurers in a business group in respect of which the levy has been paid for the year of assessment the member insurers the second it becomes a member.
(4) a member of the insurer shall pay the levy first to the Corporation within thirty days from the date it becomes a member or any other period determined by the Corporation.
Law Malaysia80 Act annual Levy in respect of 720 of insurer members 72. (1) every Member of the insurers shall, for each year of assessment following the year of assessment to which it became a member of the insurer, to pay an annual levy on or before the due date specified by the annual Perbandanan.
(2) subject to subsection (3), the rate or rates of annual levy shall be as prescribed by the Minister on the recommendation of the Corporation.
(3) an annual Levy payable by the insurer cannot be lower than any amount or minimum amounts as may be prescribed by the Minister on the recommendation of the Corporation.
(4) for the avoidance of doubt, the rates prescribed under subsection (2) and the minimum amounts specified under subsection (3) may be in relation to the category in which the member insurers are classified under regulations levy and rate and minimum amount of different can apply to different categories.
(5) any Member insurer who contravenes subsection (1) commits an offence and shall, on conviction, to a fine not exceeding three million dollars and may, in addition, a daily fine not exceeding thirty thousand dollars for each day the offence continues after conviction.
The calculation of the annual levy in respect of insurer members 73. (1) annual Levy shall be calculated as follows: (a) the rate of levy applicable to every member insurers shall be based on such criteria as may be prescribed in the regulations;
(b) in respect of a member insurer that carries on the family takaful business or life insurance, annual levy payable by member insurers shall be calculated based on the Perbadanan Insurans Deposit Malaysia 81 basis set out in paragraph (c) and in such manner as determined by the Corporation;

(c) for the purpose of (b), the levy shall be based on annual actuarial valuation liability family takaful or life insurance liabilities as at 31 December of the previous year of assessment in respect of all or any type or description of takaful benefits or insurance or any family takaful certificate or a life insurance policy as determined by the Corporation;
(d) in respect of a member insurer that carries out the General takaful business or general insurance, annual levy payable by member insurers shall be calculated on the basis set out in paragraph (e) and in such manner as determined by the Corporation;
(e) for the purposes of paragraph (d), annual levy shall be based on the net amount of contributions or the amount of net premiums received in the previous year of assessment in respect of all or any type or description of takaful benefits or insurance or any general takaful certificate or general insurance policies as determined by the Corporation; and (f) annual levy in respect of benefits covered for takaful family, General, life policy and general policy shall be calculated separately.
(2) for the avoidance of doubt, if liability for takaful certificate or policy of insurance a member insurer is transferred to and taken over by other insurers, the net amount of contributions or the amount of net premiums received by the insurer in respect of the liability of pemindah at a previous year of assessment shall be deemed to be accepted by the insurers transferee in previous assessments and the annual levy shall be payable by the transferee insurers accordingly.
(3) a levy payable by a member insurer shall be based on the statement that has been endorsed by the Chief Executive of the insurer's members and submitted in such form and within such period as may be required by the Corporation.
Law Malaysia82 of the Act in respect of deduction No 720 member insurers 74. Unless the Corporation agree otherwise in any particular case, no payment of levy or surcharge levies owed to the Corporation by a member insurer may be discharged, reduced or otherwise adjusted by reason of any claim of insurer members against the Corporation.
A surcharge levy in respect of insurer members 75. (1) Notwithstanding the first levy in respect of the first year of assessment or annual levy in respect of any particular year of assessment, the Corporation may assessing and collecting a surcharge levy of member insurers in respect of the year of assessment or any part thereof in accordance with this section.
(2) A levy payable by the insurer under subsection (1) in any particular year of assessment shall not exceed the levy payable by the insurer in respect of the preceding year of assessment or a million dollars, whichever is higher.
(3) If, in the opinion of the Corporation member insurers — (a) (Cut by the Act A1505);
(b) has not been or is not complying with the terms and conditions of membership, any undertaking given to or agreement made by the Corporation, or of any regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or notes of the Corporation in respect of the protection system takaful and insurance benefits;
(c) has not or does not comply with the request for information or has blocked the right to gain access to information by the Corporation, Bank Negara Malaysia or any person acting on behalf of the Corporation under this Act; or (d) has not or does not maintain records of takaful benefits or insurance accordingly or make one of the Malaysia Deposit Insurance Corporation 83 misstatement, whether through any act or omission of any information, including information about liability or insurance, or takaful contributions NET or net premium is used as a basis for any assessment of levy under this section, the Corporation shall — (A) if it plans to impose a surcharge levies on member insurers of the , in consultation with the Central Bank about the reason to impose a surcharge levy and the amount of a surcharge the levies;
(B) provide the insurer's members an opportunity to make representations to the Corporation about any proposal to levy a surcharge within seven days from the date of a written notice issued by a corporation to the members of the insurer.
(4) If the Corporation receives representations from members of the insurer within the time specified in subparagraph (3) (B), the Corporation shall consider the representations that in deciding whether to impose a surcharge levy and if so, decide on the amount of a surcharge the levies.
(5) where the Corporation decided to impose a levy surcharges, the Corporation must obtain written approval from the Minister before applying a surcharge the levies on members of the insurer.
(6) a levy shall be charged a surcharge by the Corporation by notice in writing to the insurer and shall be payable to the Corporation within thirty days from the date of the notice or such other period as may be determined by the Corporation.
(7) any opinion formed or decisions made by the Corporation in relation to the imposition or the amount of any surcharge levy in respect of any Member insurer shall be final and binding.
(8) a surcharge paid to the Corporation under this section shall be paid into and form part of the consolidated fund.
Law Malaysia84 Act 720 overdue charges in respect of the Member insurer 76. If any of the levy or surcharge levy due and payable under section 71, 72 or 75 unpaid by the insurer on the date due, levy or levy a surcharge shall be payable, without the presentation of advanced notice to the insurer, increased to an amount determined in the regulations levy unpaid.
Levy regulations in respect of insurer members 77. The Corporation may make regulations with respect to the determination of the first annual levies and levies including — (a) the establishment of a system of classification of member insurers in different categories; and

(b) the criteria or factors to be taken into account and the procedure to be followed by the Corporation in determining the category in which a member insurer is classified.
Levy and surcharge on member insurers deemed obtained 78. Any levy or surcharge levy due under this section shall be deemed fully earned when due and shall not be refunded.
Chapter 3 Payment Definition 78a. For the purposes of this section — (a) "the life policy value" means the value as determined under subsection 83 (3);
(b) "the family takaful certificate value" means the value as determined under subsection 83 (2); and Malaysia Deposit Insurance Corporation 85 (c) "contribution" means the amount payable by the owner of the certificate to the takaful operator under a takaful certificate and includes any remuneration for the functions and duties taken over by the takaful operator.
Costs with respect to the benefit covered 79. (1) all costs incurred by the Corporation in respect of — (a) the benefits covered under takaful family and all costs in connection therewith, shall be made out of the Fund family takaful coverage;
(b) a benefit is covered under a life policy and all costs relating thereto shall be made from the life insurance protection fund;
(c) benefits covered under General takaful and all costs in relation thereto shall be made from the General takaful protection fund; and (d) the benefits covered under the general policy and all costs relating thereto must be made of the General Insurance Fund.
(2) all references in this chapter on member insurers including, if applicable, a former member of the insurers that membership has been revoked under section 38 or terminated under section 39.
A mandatory fee in respect of benefits covered 80. (1) the Corporation shall make payment in respect of a benefit protected if a winding-up order has been made in respect of — (a) a member of the insurer who has issued a certificate or the insurance policy; or (b) a member of the insurer to which the liabilities of the takaful certificate or policy of insurance has been transferred under subsection 70 (1).
Law Malaysia86 720 Act (2) if the Corporation is obliged to make a payment under subsection (1), the Corporation shall, on the basis of the takaful certificate or the insurance policy and any supporting documentation included in the records of the insurer's members, make payment to any person as the Corporation is of the opinion appears to be entitled to it.
(3) any decision made by the Corporation in relation to a person who is entitled to a payment or an amount shall be paid in respect of a benefit protected shall be final and binding.
(4) (Cut by the Act A1505).
(5) for the avoidance of doubt, with respect to a family takaful certificate or life policy — (a) the value of the family takaful certificate or the value of the life policy referred to in paragraph 83 (2) (b), 83 (3) (b) or subsection 84 (3) is a covered benefit; and (b) Notwithstanding subsection 83 (2), 83 (3) and 84 (3), the Corporation is obliged to make payment in respect of each participating life or life insured as follows: (i) if there is a certificate or policy, the value of the family takaful certificate or the value of the life policy only to the extent of any amount determined by the Minister on the recommendation of the Corporation; and (ii) if there are two or more certificate or policy, the aggregate value of the family takaful certificate or the value of the life policy only to the extent of any amount determined by the Minister on the recommendation of the Corporation.
Costs at the discretion with respect to the benefit covered 81. The Corporation may, with the prior written consent of the Minister, make payment in respect of a benefit protected if — (a) a member of the insurer who has issued a certificate or policy of insurance or employee of the insurer to which the liabilities of the takaful certificate or policy Malaysia Deposit Insurance Corporation 87 insurance has been transferred under subsection 70 (1), was unable to make any payment in respect of the covered benefits , caused by — (i) a court order;
(ii) any action taken by a regulatory body or Corporation; or (iii) any action taken by the receiver, Manager or receiver and Manager within the insurer's members are in receipt of;
(b) a petition for the winding up of the insurer's members has been submitted to the Court; or (c) the membership of a member insurer is revoked or terminated.
Advance payment with respect to the benefit covered 82. For the avoidance of doubt, the Corporation may use its discretion in respect of section 80 or 81 to make any payment or part payment to any beneficiary takaful or insured person in respect of any benefits covered ahead of costs to any beneficiary takaful or other insured persons.
Termination of the insurance policy and certificate in winding up 83. (1) a general takaful takaful certificate or family or a general policy or a life policy shall cease to have effect from the date of order the winding-up.
(2) If a certificate cease to have effect under subsection (1), the owner of the certificate is entitled to claim as a debt due to him by the insurer due to the certificate — (a) in respect of certificates in General, the return of part of the contribution corresponding to the remaining period of the takaful certificate;
Law Malaysia88 Act 720 (b) in respect of the family takaful certificate takaful certificate, the value of the family;
(c) the value of investments or savings held separately in respect of the takaful certificate; or (d) any refund or other amount, which shall be ascertained on such basis as may be prescribed by the Corporation.
(3) If a policy cease to have effect under subsection (1), the policy owner is entitled to claim as a debt due to him by the insurer due to the policy — (a) in respect of the policy generally, the return of part of the premium corresponding to the remaining period of the policy;
(b) with respect to the policy of its life, the value of the life policy;
(c) the value of investments or savings held separately in respect of that policy; or (d) any refund or other amount,

which shall be ascertained on such basis as may be prescribed by the Corporation. (4) for the avoidance of doubt: (a) subsection (1) and (2) shall not be in force for political appointees any right of a person is the owner of a certificate or any other takaful beneficiary against members of the insurer in respect of any incidences that occurred before the date of the winding-up order, which in this case, the owner of the takaful certificate or other beneficiary is entitled to claim as a debt due to him by the insurer , the amount due to him due to the risk of the occurrence has happened; Malaysia Deposit Insurance Corporation and 89 (b) of subsection (1) and (3) shall not be in force for political appointees any right a person policy owner or any person insured against members of the insurer in respect of any incidences that occurred before the date of the winding-up order, which in this case, the owner of the policy or other insured persons that are eligible to claim as a debt due to him by the insurer , the amount due to him due to the incidences that occurred then.
Determination of a mandatory fee for family takaful certificate and life policy 84. (1) subject to subsection (2), if, within three months from the date of the winding-up order, the Corporation received a claim from someone takaful beneficiary or insured person stating that a risk of occurrence under takaful family or life policy has occurred before the date of the winding-up order in respect of which payment has not been made by or on behalf of the members of the insurer, the amount of the mandatory fee in respect of a benefit covered shall be calculated based on the obligation of the insurer's members that risk arises when the incident occurred.
(2) a mandatory fee shall be subject to — (a) the acceptance of the claim by the Corporation within three months as specified in subsection (1) in such manner and by such supporting documentation as specified by the Corporation;
(b) evidence, up to reasonably satisfy the Corporation, that the risk of such event occurred before the date of the winding-up order, if the Corporation is of the opinion that the supporting documentation mentioned in paragraph (a) is not sufficient; and (c) the validity of the claim.
(3) if any of the conditions specified in subsection (1) and (2) are not met, the amount of the mandatory fee shall be based on the value of the family takaful certificate or the value of the life policy in respect of family takaful certificate or life policy.
Law Malaysia90 720 Act (4) If the owner of the certificate or policy owner family takaful certificate or policy of its life before the date of the winding-up order, the amount of the mandatory fee shall be calculated on the basis of the surrender value family takaful certificate or the life policy at the time of surrender.
(5) any decision made by the Corporation in relation to a person who is entitled to a payment or an amount shall be paid in respect of a benefit protected shall be final and binding.
Determination of a mandatory fee for the General takaful certificate and general policies 85. (1) Notwithstanding any other provisions of law or the terms of any takaful certificate or policy or other agreement, if a petition for the winding-up of a member insurer is presented in court, the Corporation may, with prior notice of not less than thirty days in accordance with section 86, terminate the General takaful certificate or general policy which provides the kind of takaful benefits or insurance benefits covered under the protection system takaful and insurance benefits.
(2) subject to subsection (3), if the Corporation receives a claim from someone takaful beneficiary or insured person stating that a risk of occurrence under General or general policy have occurred before the date of the certificate or policy cease to have effect in respect of which payment has not been made by or on behalf of the members of the insurer, the amount of the mandatory fee in respect of a benefit covered shall be calculated based on the obligation of the insurer's members that risk arises when the incident occurred.
(3) a mandatory fee shall be subject to — (a) the acceptance of the claim by the Corporation within such period, and in such manner and by such supporting documentation as determined by the Corporation;
(b) evidence, on the reasonable satisfaction of the Corporation, that the risk of such event occurred prior to the date of the certificate or the policy cease to have effect, if the Corporation is of the opinion that the supporting documentation mentioned in paragraph (a) is not sufficient; and (c) the validity of the claim.
Perbadanan Insurans Deposit Malaysia 91 (4) where any of the conditions specified in subsection (2) and (3) are not met, the amount of the mandatory fee shall be based on the amount that should be paid as a debt due to the owner's certificate or policy owner at the date of the certificate or policy cease to have effect as the return of part of the contributions or premiums corresponding to the remainder of the takaful certificate or the policy.
(5) Notwithstanding the provisions of section 80 or 81, the Corporation may make payment referred to in this section at any time after a petition for the winding up of the insurer's members submitted in court.
(6) Notwithstanding any provision to the contrary in the takaful certificate or policy or other agreement, one takaful beneficiary or insured person be deemed to be entitled under the takaful certificate or policy is to make a claim against a member insurer is based on the duties of a member of the insurer in respect of a risk event which occurred before the date of the certificate or the policy cease to have effect within such period as may be determined by the Corporation.
(7) any decision made by the Corporation in connection with the person who is entitled to a payment or an amount shall be paid in respect of a benefit protected shall be final and binding.
86. Notification by the Corporation (1) the Corporation shall, as soon as practicable, after the filing of a petition for the winding-up of a member insurer, told the owner of the certificate or policy owner the following matters: (a) the date fixed for the hearing of the petition;

(b) the time period for filing claims with the Corporation in respect of the family takaful benefit or life policy covered risk-based event which has occurred or occurred before the date of the winding-up order;
(c) the time period for filing claims with the Corporation in respect of the General takaful benefits or legal Malaysia92 general policy covered 720 Act based on the risk of an event which has occurred or occurred before the date of the certificate or the policy cease to have effect; and (d) any other relevant information as may be determined by the Corporation.
(2) a notification referred to in subsection (1) shall be made by ordinary mail sent to the address of the owner of the certificate or policy owner the last shown in the member insurers and through advertisements in at least two newspapers published in Malaysia, one of whom shall be in the national language.
Calculation of Returns or interest protected benefits mandatory fee for 87. For the purpose of calculating mandatory fee by the Corporation in respect of any benefits covered in the event of a winding-up order has been made in respect of a member insurer, the benefits covered it, including return or interest accrued in relation to the obligations under the takaful certificate or policy of insurance shall, notwithstanding any other provisions of law, are included only to the date of filing of a petition for the winding-up.
The Corporation may pay interest on a return or payment is required with respect to the benefit covered 88. If the Corporation makes a payment required under section 80, the Corporation may at its sole discretion to pay, in addition to the amount that the Corporation is obligated to pay, return or interest on that amount at a rate as determined by the Corporation for the period beginning on the date of filing of a petition for the winding up of the insurer's members and ending on the date the payment is made by the Corporation, but the aggregate of payments made under this section and section 80 in connection with a covered benefit shall in any the case does not exceed such amount as may be determined under subsection 69 (4).
Perbadanan Insurans Deposit Malaysia 93 Calculation Returns or interest benefits covered for costs at the discretion of 89. For the purposes of calculating the payment by the Corporation in respect of any benefits covered if the Corporation makes a payment at the discretion of — (a) subject to paragraph (b), return or interest accrued in relation to the takaful benefits or insurance shall be included only to the date of payment by the Corporation; or (b) If a proceeding for the winding up of the insurer's members was initiated prior to the date of payment by the Corporation but an order winding up has not yet been made, return or interest accrued shall be included only to the date of filing of a petition for the winding-up.
Release of liability, etc., with respect to the benefit covered 90. (1) payments under this chapter by the Corporation with respect to any benefits covered release of the Corporation from all liability to the extent of the amount of the payment made in respect of benefits covered it, and in any case even the Corporation does not have any obligation to ensure that the payment made is applied in such a way.
(2) the Corporation may make payment under section 80, 81, 82 or 88 in such manner as deemed appropriate by the Corporation.
(3) without prejudice to subsection (2), the Corporation may make payment of — (a) arrange so that liability for benefits covered transferred to and assumed by the insurer, provided that the obligation should be taken over by the takaful operator or the insurance company according to either the benefit that is protected under a takaful certificate or policy of insurance; or (b) pay to the person who is deemed by the Corporation as shall be entitled to payment of the family takaful certificate value or the value of the life policy, but in any case not exceeding the maximum amount of coverage provided by the Corporation in respect of the benefits.
Malaysia94 law of subrogation in respect of 720 Act benefits covered 91. If the Corporation makes a payment under this chapter with respect to any benefits covered, the Corporation is disubrogasi, so far as the amount of the payment made, to all the rights and interests of the insured or beneficiary of takaful in respect of benefits covered and can take an action in respect of the rights and interests is the name of the beneficiary or insured the takaful or the name of the Corporation.
Assignment with respect to the benefit covered 92. If the Corporation characterized fit, the Corporation may withhold payment in respect of any benefits covered until it has received an assignment in writing of all rights and interests of the insured or beneficiary of takaful in respect of benefits covered it.
Time limit for claims in respect of benefits covered 93. The time limit to commence an action against the Corporation in respect of the duties of the Corporation under subsection 80 (2) to make payment in respect of a takaful certificate or policy of insurance deposits is ten years after the date of filing of a petition for the winding-up.
94. (Cut by the Act A1505).
Part VI EXAMINATION of MEMBER INSTITUTIONS of the Central Bank shall prepare information 95. The Central Bank shall, in an appropriate time, provide to the Corporation — (a) a written report after the inspection carried out under section 146 of the Financial Services Act 2013 Perbadanan Insurans Deposit Malaysia 95 or section 158 of the Act 2013 Islamic financial services or any other law relating to which a member institution is subject;
(b) a rating or by any other means, an assessment of the safety and strength of the member institution, including its financial condition;
(c) any other information deemed relevant by Bank Negara Malaysia on any matter referred to in paragraph (a) or (b); or (d) any other information that reach the attention of the Central Bank of any changes in the circumstances of the member institution that can materially impact on the State of the Corporation.
Examination of 96. (1) for the purposes of this Act, the Corporation or Bank Negara Malaysia, at the request of the Corporation, may inspect the operations of an institution member.
(2) the scope of the inspection under subsection (1) may include inspection of —

(a) whether appropriate and sufficient records about liabilities deposits or takaful benefits or life insurance maintained by member institutions;
(b) whether the reports made by the member institutions of the premium, levy, liabilities deposits, liabilities of takaful or liability insurance is correct substantially;
(c) compliance with the terms and conditions or any other requirements of membership; or (d) any other matters that the Corporation considers appropriate, after consultation with the Central Bank.
(3) the Corporation may assign another person to carry out any examination under subsection (2) or subsection 97 (1).
Law Malaysia96 720 Act (4) a copy of a report on any inspection under subsection (1) or assigned under subsection (3) shall be made available by the Corporation for Bank Negara Malaysia within three months after the completion of the report.
(5) the Corporation may obtain any costs and expenses incurred under this section of the member institution as an outstanding and payable to the Corporation.
Special inspection 97. (1) if the Corporation has reason to believe that due diligence checks or other checks should be made for the purpose of exercising any of the powers of the Corporation under section 25 or subsection 99 (1) or make payment under section 3 of part IV or part V, Chapter 3 the Corporation may carry out one or more readings of the member institution.
(2) the scope of the special examination under subsection (1) may include an examination of the records, books, accounts or documents and other transaction member institutions.
(3) for the purposes of this section, an officer, Auditor, recipient, Manager, receiver and Manager, a liquidator or agent of the member institution or any other person shall submit to the officer or employee of the Corporation or any other person appointed by the Corporation of any documents, materials, information or clarification required by the Corporation.
(4) the Corporation may seek any special examination of the costs and expenses of the member institution as an outstanding and payable to the Corporation.
(5) the Corporation shall make a report to the Bank Negara Malaysia on completion of the special examination.
Perbadanan Insurans Deposit Malaysia 97 part VII ACTION by CORPORATION Chapter 1 refusal by member institutions is not viable notification of not viable 98. (1) Bank Negara Malaysia can notify the Corporation in writing if the Central Bank is of the opinion that a member institution has cease to be viable or is likely to cease to be viable.
(2) a notification under subsection (1) shall be final and binding.
Powers of the Corporation in the case of a non-viable institutions 99. (1) if the Corporation has received a notification under section 98, it can perform one or more of the following powers: (a) require the member institution — (i) to take any step, or any act, or to do or not to do any act or thing, in respect of himself, his affairs or his officers in time as he thinks necessary or expedient by the Corporation;
(ii) so ceases to receive, take or pay the deposit or ceases to issue or renew, or make payment under the takaful certificate or policy of insurance, or the exercise of its powers or part of its affairs as directed by the Corporation; or (iii) to reorganise the whole or part of its business dealings, legal Malaysia98 720 Act as determined by the Corporation;
(b) acquire shares to the member institution from existing shareholders or subscribe to the shares issued by the member institution in accordance with the constituent documents of the member institution;
(c) take over control of the whole or part of the assets, liabilities, business and Affairs of the member institution, carry on the whole or part of its conduct and manage the whole or part of the assets, liabilities and its affairs including the disposal of assets or Affairs or any part thereof, or to appoint any other person to do so on behalf of the Corporation (in this section referred to as "person appointed") and the terms and conditions for those appointed include instructions to the Corporation appointed , shall be determined by the Corporation and shall bind the member institution concerned;
(d) apply to the High Court to appoint a receiver, receiver and Manager or Manager (any such person is referred to in this section as the "recipient") to manage the whole or part of the assets, liabilities, business and Affairs of the member institution;
(e) subject to the approval of the Minister, submit a petition to the High Court to wind up the member institution;
(f) with the approval of the Minister, named a subsidiary Corporation as intermediate institutions;
(g) transfer of — (i) any other asset, the business and Affairs of the member institution as determined by the Corporation; and (ii) any liability of the deposit or liability insurance and takaful or other liability to the member institution as determined by the Corporation, to an intermediate institution, or cause one or more of such transfer, upon the terms and conditions specified by the Corporation;
Malaysia Deposit Insurance Corporation 99 (ga) with the approval of the Minister, through an order in writing, transfer all or any of the following: (i) share and capital instruments issued by member institutions; or (ii) a warrant or right under any instrument issued by member institutions which entitle the holder to acquire shares in member institutions, to any person, other than the Corporation and any subsidiary of the Corporation, in accordance with the provisions relating to the compulsory transfer shares in chapter 2a; or (h) doing nothing, a combination of any of the referred to above, provided that the liability of Islamic deposit must be transferred only to a member institution that is a bank Islam or intermediate institutions that its operations are carried out in accordance with the Shariah and takaful liability must be transferred only to a member institution that is a takaful operator or intermediate institutions that its operations are carried out in accordance with the Shariah.

(1a) if the Corporation in exercising any power under subsection (1), the member institution shall pay the costs, charges and expenses of the Corporation or person appointed, including the remuneration of the person appointed, from the assets of the member institution ahead of all other claims.
(2) the Corporation may undertake or continue to undertake the powers under subsection (1), with the exception of paragraph (1) (a), in respect of the former member institution that membership has been revoked under section 38 or terminated under section 39 and the reference to the member institution in this section including, if applicable, a former member institution that membership has been revoked under section 38 or terminated under section 39.
Law Malaysia100 720 Act (3) the Corporation or a person appointed, in furtherance of any transaction under this section — (a) is not required to notify or obtain the approval of the shareholders or creditors of member institutions in a general meeting or otherwise, or any government authorities, regulators or other authorities anything except, where applicable, the State authority that has jurisdiction over matters , or any other person affected by the transaction notwithstanding such pillars of law, contract or anything in any law including the companies Act 1965 or anything in the constituent documents of the member institution; and (b) is not required to make an offer taken over or are required to acquire shares of another shareholder of any member institution or the borrower's shares under any arrangement of loans and borrowings share, notwithstanding any pillars of law, contract or anything in any law, and for the avoidance of doubt, any person, other than a corporation, the person appointed or any subsidiary of the Corporation, shall be subject to the requirements of the , if any, government authorities, regulators or the other anything applicable jurisdiction against acquisition by or disposal to that person any assets, liabilities or business member institution or part thereof.
(4) any member institution that fails to meet any of the requirements of the Corporation in accordance with this section commits an offence and shall, on conviction, to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or both, and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
(5) the Corporation may transfer any assets or liabilities of member institution to an intermediate institution under this section or causing a transfer back to the member institution of any such assets or liabilities as determined by the Corporation — (a) by an instrument of transfer or more; or (b) in accordance with general law.
Perbadanan Insurans Deposit Malaysia 101 (6) an instrument of transfer issued in accordance with the Second Schedule shall have effect as specified in the second schedule and shall be binding on any person affected with it.
(7) any exercise of the powers of the Corporation under this part affecting any Director, officer or employee of a member institution, including the dismissal of a Director, officer or employee of the member institution or variation or termination of the contract of service of any Director, officer or employee of the member institution, is according to the law and valid notwithstanding anything contained in any contract of service or contract or other agreement , whether express or implied, either singly or collectively, and either made or not made or provided or not provided under any written law, and a person who was fired from his post or his contract changed or terminated, shall not be entitled to claim any compensation for loss or termination of the posts.
Notice of acquisition of control 100. The Corporation shall give notice of the commencement of acquisition of control under paragraph 99 (1) (c) at any time deemed appropriate by the Corporation with the posting the notice in at least two newspapers in Malaysia, one of whom shall be in the national language, and the Corporation may give notice of the expiration of the assumption of control by the same way.
Provisions relating to the acquisition of control 101. (1) If a member institution has taken over under paragraph 99 (1) (c), the member institution and authorized officer shall forthwith deliver assets, liabilities, business and Affairs to the control, and shall give the Corporation and, if the control was taken over by the appointed person appointed, all facilities are required to conduct and manage the assets, liabilities and Affairs , including the disposal of assets and transfer of liability, to the member institution.
Law Malaysia102 720 Act (2) If a member institution has taken over under paragraph 99 (1) (c), the Corporation or the person appointed shall continue in control of the assets, liabilities, business and Affairs of the member institution, and carries on the business and managing assets, liabilities and the Affairs of the member institution in the name of and on behalf of the institution including the disposal of assets and transferring its liability until the acquisition is terminated by the Corporation.
(3) during the period of control of a member institution under paragraph 99 (1) (c), shall be vested in the Corporation or person appointed all the powers member institution, and its directors, under constituent documents of the institution, or may be exercised by the member institution or its directors under any law, or how otherwise whatsoever, regardless of whether that power may be exercised through a resolution of the special stipulation or by any other means.
(4) during the period of control of a member institution under paragraph 99 (1) (c), no Director of the member institution may, either directly or indirectly, engage in any activity in respect of the member institution, except as required or permitted by the Corporation or person appointed and no remuneration in such of any type can be accrued or payable to any Director to the member institution , except as approved in writing by the Corporation or person appointed in respect of any activity required or permitted as aforesaid by the Corporation or the person appointed.

(5) for the avoidance of doubt, it is hereby declared that the exercise of power under paragraph 99 (1) (c) it shall not have the effect to give, or rights to, the Corporation or person appointed, any right to, or any beneficial interest in, any assets of the member institution.
(6) if the Corporation or person appointed took over the control of the member institution under paragraph 99 (1) (c), the Corporation or person appointed — (a) in the conduct and management of assets, liabilities, business or Affairs of the member institution or in carrying out any transaction relating to the member institution or managing assets, liabilities, Perbadanan Insurans Deposit Malaysia 103 or its affairs, including the disposal of assets and transfer of liability , shall be deemed to act as agent to the member institution; and (b) cannot be, because taking over the control of the member institution or any action taken by him, counted as having been taken over or assume any obligation or liability to the member institution on his own.
(7) any person who fails to comply with subsection (1) or (4) commits an offence and shall, on conviction, to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or both, and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
The power to reduce share capital and cancel shares member institutions under paragraph 99 (1) (c) 102. (1) if the Corporation or person appointed, took over the control of the member institution under paragraph 99 (1) (c), and the Corporation or person appointed, are of the opinion that the paid-up capital of the institution has been a loss or not reflected by available assets, the Corporation or the person appointed may apply to the High Court for an order to reduce the share capital of the institution to cancel any part of its paid up capital that has been a loss or not reflected by available assets.
(2) if the High Court makes an order under subsection (1) to reduce the share capital of a member institution, the Court may — (a) upon application by the Corporation or the person appointed; and (b) If, upon the expiry of thirty days from the date any call made by the member institution to shareholders to pay their respective share, payment for such shares that has not been made, the law Malaysia104 Act 720 also order that the shares that the fee has not yet been made cancelled accordingly.
(3) where the share capital of a member institution is reduced under subsection (1), or any of the share has been cancelled under subsection (2), the Corporation or the person appointed may result in the institution's constituent document is changed accordingly.
(4) the power conferred upon the Corporation or person appointed under the provisions hereinbefore in this section shall be in addition to any power exercisable under subsection 64 (1) of the companies Act 1965, and where an application is made to the High Court under subsection (1) — (a) the High Court may exercise any of the powers conferred upon him under section 64 of the companies Act 1965 relating to an application for verification referred to in the application; and (b) subsection 64 (9) and (10) of the companies Act, 1965 shall apply in respect of the application.
Solution resolution 103. (1) if the Corporation has taken over control or appoint someone to do so on his behalf under paragraph 99 (1) (c), the Corporation and the person appointed may, in addition to any rights and powers, carry out any resolution which includes — (a) a transaction or a series of transactions that involves the sale or other disposal by the member institution are all or part of its assets or acquisition by any person will be all or part of its liability or both;
(b) a transaction or series of transactions for intent to restructure all or part of the business of the member institution;
(c) a transfer or more mentioned in paragraph 99 (1) (g); or (d) a transfer or more referred to in subsection 115 (3), (4) or (5).
Malaysia Deposit Insurance Corporation 105 (2) where the Corporation considers that the resolution referred to in subsection (1) has been substantially completed, it shall cause a notice of the matter stating the date of the resolution has, in the opinion of the Corporation, be solved substantially, published in the Gazette.
(3) the Corporation shall make petition for winding-up the member institution if, in the opinion of the Corporation, no resolution referred to in subsection (1) has been or will be completed substantially on or before that date, namely — (a) two years after the date the Corporation or person appointed took over the control of the member institution; or (b) the expiration period extension on approved under subsection (4), whichever is the later. (4) the Minister may, on the recommendation of the Corporation, to pass an extension or more as stated in paragraph (3) (a) for a further period not exceeding three years and each extension shall not exceed one year.
Establishment of Appraisers 104. (1) there shall be established a Committee known as the "Committee of Appraisers" and the first schedule shall apply to committees of the Appraisers.
(2) if one or more transaction referred to in subsection 103 (1) implemented, an application for a review in accordance with the first schedule is the only way to question the amount of the consideration received or receivable in a transaction or series of transactions or multiple people to the distribution and use of the replies, and no court can listen to any action, suit or proceeding intended to question the amount or distribution and use of the replies.
(2a) where the Corporation makes a transfer referred to in paragraph 99 (1) (ga) or delete the rights referred to in paragraph 128B barcode (7) (b), an application for a review in accordance with the first schedule is the only way to law Malaysia106 Act 720 question the amount of the consideration received or receivable in the transfer or the amount of compensation received or receivable in respect of rights which the deleted , and no court can listen to any action, suit or proceeding intended to question the amount of consideration or compensation.

(2B) a transaction or series of transactions referred to in subsection 103 (1) or a transfer referred to in paragraph 99 (1) (ga) or a removal of the right referred to in paragraph 128B barcode (7) (b) shall have effect notwithstanding any application or any decision made in respect of a review under subsection (2) and (2a).
(3) any decision made by the Appraisers made under the first schedule shall be final and binding.
(4) until the Corporation sets rules under subsection (5), the Committee of Appraisers can specify procedures and the conduct of the proceedings of its own. (5) the Corporation may prescribe rules relating to procedures and the conduct of the proceedings or before the Committee Appraisers.
Transition service 105. (1) if one or more transaction referred to in paragraph 99 (1) (g), the Corporation or the person appointed may cause the member institution consents to provide services to the transferee in consideration transferee pay or reimburse reasonable costs the member institution do so as approved by the Corporation.
(2) an agreement referred to in subsection (1) shall be binding on any recipient, Manager, receiver and Manager or liquidator appointed in respect of the member institution, and in such case, the cost of the member institution to provide the service shall be deemed to include recipients, Manager, receiver and Manager or liquidator for the time used in connection with the provision of services as approved by the Corporation.
Malaysia Deposit Insurance Corporation 107 the appointment of receiver, etc.
106. (1) the High Court shall make an order in accordance with the Corporation's application under paragraph 99 (1) (d) to appoint a receiver in respect of a member institution.
(2) Upon an application of the Corporation, the Court shall appoint as the recipient of persons specified by the Corporation in its application to fill a vacancy or to release and replace a receiver appointed under subsection (1).
(3) a receiver shall take into account the objective of managing the business and Affairs of member institutions in the manner designed to achieve the best results for all creditors of the member institution.
(4) in the case of any conflict between the interests of the depositors or takaful beneficiary or insured with any other member institution creditors not secured, a recipient shall give priority to the interests of depositors or the beneficiary of the insured person or takaful.
(5) all costs, charges and expenses of a receiver, including his remuneration and any costs incurred in the exercise of the powers and obligations, shall be paid out of the assets of the member institution, ahead of all other claims.
(6) a recipient may apply to the High Court for directions in relation to any specific matter arising in acceptance. (7) order of 30 rules Court of 2012 [P.U. (A) 205/2012] does not apply towards an application to appoint a receiver under paragraph 99 (1) (d).
(8) an application for a recipient under paragraph 99 (1) (d) a summons may be made by ex parte originating in.
Law Malaysia108 720 Act provisions relating to appointment under paragraph 99 (1) (c) and section 106 107. (1) in respect of a member institution that the Corporation or person appointed took over his control or a receiver has been appointed in accordance with this Act, the Corporation, the people standing for election or the recipient — (a) shall have power — (i) to enter any premises of the member institution and take ownership and control over assets and require any person in the premises to be responsible and deliver to the Corporation , person appointed or recipient ownership and control over the assets;
(ii) subject to subparagraph (iii), to sell or otherwise dispose of assets and businesses member institutions through private treaty sales or public or in any other manner and upon such terms and conditions as may be deemed appropriate by the Corporation, person appointed or recipient;
(iii) to sell or otherwise dispose of any assets that are subject to an agreement which creates a security interest to any person who agreed to take over the obligations secured by the security interest;
(iv) to arrange for the acquisition of the whole or any part of the liability of the member institutions by any person;
(v) to carry out the business of the member institution to the extent deemed necessary or beneficial, people appointed by the Corporation or the addressee;
(vi) to sue, defend, mengkompromi and resolve, in the name of the member institution, any claim made by or against it;
Perbadanan Insurans Deposit Malaysia 109 (vii) the name of the member institution, to do all acts and execute all receipts and other documents for the purpose, and when necessary, use a seal; and (viii) to do all such other things as may be necessary or incidental in the exercise of the rights, powers, privileges and immunity Corporation, person appointed or recipient; and (b) shall have power to pay of the member institution all costs, charges and expenses of the Corporation, those standing for election or the recipient in carrying out their powers and duties, including the remuneration of the person appointed or receiver, ahead of all other claims.
(2) without prejudice to subsection 101 (6), if a corporation, the person appointed or run one or more power under subsection (1), the Corporation, the people standing for election or the receiver can not be considered, by reason of the exercise of such power, as has taken over or assume any obligation or liability of a member institution to himself.
(3) without prejudice to subsection 101 (3) and (4), if any person has, or is vested with control, administration or management of a member institution, control, management or administration of such shall cease immediately with the acquisition by the Corporation or the person standing for election or appointment of receiver.
The validity of the transaction

108. any payment made, a transaction made or any act or other thing done by the Corporation, person appointed or appointed pursuant to this Act or to the Corporation, is valid and enforceable and shall not void, can cancel or be regarded as an inappropriate priority in liquidation of a member institution.
Law Malaysia110 720 Suspension proceedings Act 109. (1) subject to subsection (2) and notwithstanding anything any other law, if the Corporation or person appointed took over the control of a member institution under paragraph 99 (1) (c) or a receiver has been appointed pursuant to this Act — (a) no action, suit or proceeding in any court or tribunal shall be instituted against the Corporation or person appointed in respect of the acquisition of control or receiver in respect of his appointment;
(b) no action, suit or proceeding in any court or tribunal shall be instituted or continued against a member institution or in respect of its assets;
(c) no detention, garnisan, execution or other enforcement way for a judgment, award or order against the member institution or its assets may be taken or continued;
(d) no creditor of the member institution has any remedy against a member institution or its assets;
(e) no creditor has any right of set-off against member institutions, which for greater certainty, shall not include the consolidation of accounts maintained in the course of normal for the purpose of assigning a clearance and settlement services or services referred to in section 114; and (f) No person may terminate or amend any agreement with the member institution or claim that an accelerated payment under any such agreement by reason only of — (i) insolvency of the member institution;
(ii) a default, before the acquisition of control under paragraph 99 (1) (c) by the Corporation or the person standing for election or appointment of receiver (s) the member institution in fulfilling its obligations under the agreement; or (iii) acquisition of control under paragraph 99 (1) (c) by the Corporation or the person standing for election or appointment of receiver, Perbadanan Insurans Deposit Malaysia 111 in the period in which the control of the member institution by the Corporation or the person standing for election or appointment of receiver, as the case may be, except with the prior written consent of the Corporation. (2) there is nothing in this section shall prevent any steps taken, or any action, suit or proceeding instituted or continued, by the Corporation in respect of a member institution or business, Affairs, assets or liabilities.
Extension of time 110. If — (a) for any purpose an Act required to be done in a specific amount or before a certain time under provisions of any law or any agreement; and (b) this Act prevents the action from within or before that time, the period is deemed to be extended or the time deemed to be postponed until the fifth day following the end of the period arrangements in which the Act prevented performed by this Act.
The validity of collateral 111. The Corporation may make, execute or enforce or cause manufactured or completion of any collateral against any assets of a member institution as any consideration in connection with the exercise of any power under this Act — (a) Notwithstanding section 109 or any other provisions of this Act; and (b) even if the member institutions have agreed that it cannot or will not make any charge against any of its assets or it can or will make the security only with the agreement of the person or other persons.
Law Malaysia112 Act 720 non-default Assignment, etc.
112. (1) No person may terminate or amend any agreement with a member institution or claim that an accelerated payment under any such agreement because the agreement is transferred or diserahhakkan to or taken over by other member institutions, intermediate institutions or qualified third party.
(2) a transfer or assignment of any agreement with a member institution to another member institution, intermediate institutions or third parties which are eligible in accordance with this Act is valid and binding against all other parties of the agreement even though the member institutions have agreed that it cannot or will not assign the agreement or it can or will assign the agreement only with the agreement of the person or several others.
The agreement resolved for the purposes of paragraph 99 (1) (c) and section 106 113. If the Corporation or person appointed took over the control of a member institution or a receiver has been appointed pursuant to this Act, such terms in any agreement has no force or effect if it is — (a) has the effect to provision for, or permitting, anything that, even at substantially, contrary to section 107, 109 or 125; or (b) provides, in article material, that the member institution ceases has the right or intermediate institutions or transferee or assignee does not have the right to use or deal with the asset otherwise the member institution or institution of intermediation or transferee or assignee shall have the right, caused by — (i) insolvency of the member institution;
(ii) the default by the member institution in performing an obligation;
(iii) acquisition or control of the appointment of the receiver; or Malaysia Deposit Insurance Corporation 113 (iv) the agreement is transferred or diserahhakkan to or taken over by other member institutions, intermediate institutions or qualified third party.
Supply and further advance 114. There is nothing in section 109 and 113 shall be construed as: (a) prohibiting a person from requiring payments made in cash for goods, services, use of leased or licensed property or other valuable consideration provided after the acquisition of control under paragraph 99 (1) (c) or appointing a receiver;
(b) require the advance of money or credit to a member institution after the acquisition of control under paragraph 99 (1) (c) or appointing a receiver; or

(c) require the allocation to a member institution, after commencement of acquisition of control or the appointment of a receiver, any of the following service that if done is likely, in the opinion of a reasonable person who provides the service, will result in that person's advance of money or credit to a member institution after the acquisition of control or the appointment or cause, after the acquisition of control or the appointment, a claim by that person against the member institution , which — (i) cash management services;
(ii) the services in relation to the redemption of debt instruments;
(iii) services in relation to the issuance of a letter of credit or guarantee;
(iv) services certification of cheques;
(v) currency delivery services;
Law Malaysia114 Act 720 (vi) funds transfer services and remittance order service;
(vii) service delivery and security solutions;
(viii) provision of charge card, credit cards, debit cards and charge cards;
(ix) provision of automated banking and teller machines;
(x) provision of electronic funds transfer at the point of sale;
(xi) provision of cheque consignment;
(xii) other services such as that referred to in subparagraph (i) to (xi);
(xiii) any type of service specified in the regulations; and (xiv) a guarantee of liability in respect of any service referred to in subparagraph (i) to (xiii).
Financial agreements eligible 115. (1) subject to subsection (3), no anything in section 109 can prevent termination of any agreement the following in accordance with the conditions or the refusal or the use of the amount due under the agreement according to the conditions, that is to say — (a) a qualified financial agreements;
(b) a derivative traded in — (i) a bursa derivatives, derivatives or other Board regulated market for derivatives;
(ii) a relevant Futures Exchange, futures Board or other markets regulated for futures; or (iii) an Exchange option, option boards or other markets regulated for options;
Malaysia Deposit Insurance Corporation 115 (c) an agreement to — (i) settle or settle transactions of securities, futures, options or derivatives; or (ii) acts as a depository of securities; or (d) a margin loan to the extent in respect of a securities account or a futures account maintained by a financial intermediation.
(2) (Cut by the Act A1505).
(3) if the Corporation or person appointed took over the control of a member institution or a receiver appointed in accordance with this Act, section 109 shall prevent termination of a financial agreement for any period following an initial assumption of control or the appointment of the receiver as may be prescribed by regulations by the Corporation and if, within that period, the Corporation transfer, or confirm in writing that it will transfer the agreement, to an intermediate institution pursuant to paragraph 99 (1) (g) or a third party who is entitled according to this subsection or subsection (4) or (5), the agreement can only be terminated on intermediate or eligible third parties in accordance with the conditions, as if the agreement was indeed always with intermediate institution or a third party who is entitled to that and not with the member institution.
(4) where a person becomes the counterparty under two or more financial transactions that qualify under an eligible financial agreement referred to in subsection (1) with the same member institution, the Corporation can only move to an intermediate institution or a third party who is entitled to all or none of the eligible financial transactions between the member institution and the person.
(5) where the Corporation transfer an eligible financial agreement relating to financial collateral applicable to any assets of the member institution, it must also transfer the property to the intermediate institution or a third party is eligible.
Law Malaysia116 720 Act (6) the Corporation may transfer any agreement referred to in subsection (3) or any property referred to in subsection (5) to the intermediate institutions or third parties that are eligible through an instrument of transfer issued in accordance with the second schedule and it shall have the effects described in the second schedule and shall be binding on any person affected with it.
(7) if the Corporation does not move, and not declared that it will transfer, a financial agreement and those who become eligible counterparty under the agreement may terminate the agreement in accordance with the conditions but did not do so, the Corporation may declare in writing that the agreement is terminated, then in such case, and notwithstanding any term to the contrary in the agreement , the agreement shall be deemed to have been terminated by the counterparties.
Corporation, etc., not a successor employer 116. If the Corporation or person appointed under paragraph 99 (1) (c) take over the control of a member institution, or a receiver or liquidator appointed in accordance with this Act, the Corporation, the person appointed receiver or liquidator, shall not — (a) be considered as employers replace the member institution;
(b) liable for any obligation in respect of employees or former employees of the member institution or any predecessor of the member institution that existed before the acquisition of control or appointment in respect of any pension plan or benefit plan after other jobs for employees or former employees of the member institution or penakat them; or (c) be liable for any amount of money is calculated by reference to a period of time before the intermediate institutions become employers people concerned.
Claims, proceedings of certain prohibited 117. Notwithstanding section 109 and 125, an intermediate institution, Corporation, the person appointed under paragraph 99 (1) (c), a receiver or liquidator appointed pursuant to this Act is not Malaysia Deposit Insurance Corporation 117 can be named as a party in any claim or application made or added as a party in any proceeding initiated or continued by or on behalf of any employee or former employee of the member institution pursuant to the Industrial Relations Act 1967 [Act 177] or the Employment Act 1955 [ Act 265].
Chapter 2 provisions relating to intermediate institutions intermediate institutions Naming

118. (1) If a subsidiary Corporation named as intermediate institutions — (a) a nomination shall be due two years after it is made, unless the nomination — (i) is extended under paragraph (b); or (ii) terminated under paragraph (c);
(b) the Minister, on the recommendation of the Corporation, may extend a nomination for one or more periods each of which shall not exceed one year; and (c) a nomination shall terminate at the date of the occurrence of any of the following events, whichever is earlier: (i) intermediate institutions is no longer a subsidiary of the Corporation;
(ii) all assets or substantial parts of the intermediate institutions assets acquired by, or all liability or substantial part of the liabilities of the intermediate institutions taken over by, or both, a person who is not an intermediate institution; or (iii) the Corporation decided the nomination shall be terminated.
(2) Notwithstanding any other law, if a subsidiary Corporation named as intermediate institutions to change the name of his company in the period of twelve months before or after the nomination, subsidiary or legal institutions Act Malaysia118 720 the exempted from the intermediate state or otherwise demonstrate Matha on anything seal, document or instrument.
Release notice 119. If a subsidiary Corporation named as intermediate or naming the institutions is extended under paragraph 118 (1) (b) or is terminated under paragraph 118 (1) (c), the Corporation shall publish a notice stating the date the incident occurred in at least two newspapers in Malaysia, one of whom shall be in the national language.
Intermediate institutions authorized to carry on the business of 120. (1) when named, and for a period the naming continues, an intermediate institution shall be deemed to have been granted a license to conduct business as — (a) a licensed bank;
(b) a bank Islam;
(c) an insurance company; or (d) a takaful operator.
(2) intermediate Institutions is not required to pay any fees relating to the license.
Disapplication of requirement 121. An intermediate institution is exempt from any requirement under or made pursuant to the financial services act 2013 or Islamic financial services Act 2013 and shall be given any approval or are provided with any recommendations, as agreed in a strategic alliance agreement between Corporation with Bank Negara Malaysia.
Malaysia Deposit Insurance Corporation 119 intermediate Institutions not successor employer 122. If an intermediate institution became the employer of any person who is an employee or former employee of a member institution, intermediate institutions shall not — (a) be considered as employers replace the member institution;
(b) liable for any obligation in respect of employees or former employees of the member institution or any predecessor of the member institution that existed before the intermediate institutions become the employer of that person or in respect of any pension plan or benefit plan after other jobs for employees or former employees of the member institution or penakat them; or (c) be liable for any amount of money is calculated by reference to a period of time before the intermediate institutions become employers people concerned.
Power instructions 123. The Corporation may give directions to the Board of Directors of intermediate institutions and the Board of Directors shall give effect to such instructions.
The acquisition of a portion of liabilities deposits uninsured or benefits not covered 124. (1) Notwithstanding any law or contract, if the Corporation causing some liabilities deposits are not insured by the Corporation or any part of the liability of the takaful benefits or insurance benefits not covered by the Corporation transferred to an intermediate institution, institutional intermediation that is disubrogasi to all the rights and interests of the creditor in respect of the liability of the whole and can take action in the name of intermediate institution or creditor's name.
(2) when intermediate institutions only have received an amount equal to the portion of the liability that has taken over that, the rights and interests of creditors in respect of liabilities balance shall be returned to the creditor, without any act of transfer or other formalities.
Law Malaysia120 of the Act in respect of the Suspension 720 intermediate institution 125. If a subsidiary Corporation named as intermediate institutions — (a) no action, suit or proceeding in any court or tribunal shall be instituted or continued against the intermediate institutions or in respect of its assets;
(b) no detention, garnisan, implementation or other ways to enforce a judgment, award or order against intermediate institution or its assets may be made or continued; and (c) no creditor institutions intermediate has any remedy against the intermediate institution or its assets, for a period of ninety days after nomination.
Notice of intention to continue proceedings 126. If, by virtue of an instrument of transfer, other member institution or an intermediate institution became successor in any action, suit or proceeding by or against a member institution (whether in judicial, administrative or regulatory), the proceedings cannot be continued by any party other than the institution as a replacement unless it has been given the notice for a period of ninety days on proposals to continue the proceedings , and if time allowed to take any steps in the proceeding are due before the end of the notice period, then, notwithstanding anything to the contrary in any other law, that time is deemed to be extended to the fifth day after the notice period court deal is over.
Assistance to intermediary 127. (1) the Corporation may, in such manner as he thinks fit, give any financial assistance to intermediate institutions as the Corporation considers appropriate.
Malaysia Deposit Insurance Corporation 121 (2) an intermediate institution shall, on demand or at such other time as determined by the Corporation, to pay or reimburse the Corporation — (a) any loan or other financing conducted by the Corporation to or caused by institutional intermediation;

(b) the amount of any other financial assistance given by the Corporation to or caused by institutional intermediation;
(c) the cost to the Corporation for any loan or other borrowing that ditanggungnya to provide financial assistance to or caused by institutional intermediation;
(d) the amount of any loss in value of investments any funds the Corporation used to provide financial assistance to or caused by institutional intermediation;
(e) the cost at its own expense or overhead Corporation to provide any services or lend any of its employees to the intermediate institutions; and (f) any other costs, including income tax or other taxes, which the Corporation would not incur if not for taking action under section 99 or otherwise relating to intermediate institutions.
The Corporation may hold shares member institutions 128. Notwithstanding subparagraph 25 (2) (a) (iii), the Corporation may hold — (a) shares of the former intermediate institutions; or (b) share any others received by the Corporation, either directly or from an intermediate institution as a result of the sale or other disposal of intermediate institutions share or sale or other disposal of intermediate institutions assets by the Corporation.
Law Malaysia122 Act 720 Chapter 2a provisions relating to compulsory transfer shares Definition 128a. For the purposes of this section — (a) "pemindah" means shareholders, that share is transferred or will be transferred under paragraph 99 (1) (ga);
(b) "transferee" means a person to whom shares pemindah transferred or will be transferred under paragraph 99 (1) (ga);
(c) "order of transfer" means an order in respect of the transfer of shares referred to in paragraph 99 (1) (ga) and includes an order of transfer of replacement referred to in section 128d;
(d) "share" includes an instrument of capital, warrants and rights under any other instruments issued by member institutions which entitle the holder to acquire shares in the member institution;
(e) "the date of the transfer" means the date specified in an order of transactions as the date that any share is transferred or be deemed to be transferred to the transferee.
The compulsory transfer shares 128b barcode. (1) any transfer of shares issued by a member institution under paragraph 99 (1) (ga) shall be executed by order of transactions issued by the Corporation in accordance with this chapter.
(2) if based on the records of the member institution that is available to the Corporation in the course of the compulsory transfer shares of power there is a pemindah that is bankrupt, the Corporation shall notify the Director-General of insolvency in writing of the transfer before the transfer takes effect and any money or other consideration that may be in respect of a bankrupt pemindah share shall vest in the Director-General of insolvency.
Malaysia Deposit Insurance Corporation 123 (3) where the Corporation issued the order of transactions under this chapter, the Corporation shall — (a) to notify that fact in the Gazette; and (b) give notice of the order as soon as the transactions that may be effected by publication in at least two daily newspapers published in Malaysia, which one of them shall be in the national language.
(4) a notice under paragraph (3) (b) shall include the matters specified in subparagraph 2a (1) of the first schedule.
(5) an order of transfer can be in any form as determined by the Corporation from time to time and shall be effective as of this chapter.
(6) an order of transfer stating that any shares issued by a member institution to be transferred shall be conclusive evidence of the transfer at the date of the transactions.
(7) an order of transfer that can assign all or any of the following matters: (a) the transfer to the transferee of all or any shares issued by member institutions; (b) the Elimination of the rights of holders of warrants or other instruments issued by member institutions which entitle the holder to acquire shares in the member institution;
(c) the removal from the official list of any stock market for shares issued by a member institution or a particular class of securities issued by a member institution;
(d) any matter incidental, consequential and supplementary as the Corporation considers necessary to ensure that the transfer is to take effect fully, including conditions relating to the transfer.
(8) the transfer Order shall provide for the transfer of any shares issued by member institutions to force free from any trust, liability, claims or other encumbrances to the contrary.
Law Malaysia124 Act 720 Effects order transactions 128c. (1) where an order of transfer is made — (a) pemindah is not required to notify or obtain the approval of the shareholders or creditors in a general meeting or otherwise, or any governmental authority, the officer monitored or any other authority whatsoever, or any other person affected with it notwithstanding any contract, anything in the constituent documents or pemindah anything in any law including but not limited to the companies Act 1965 Financial Services Act, 2013 and Islamic financial services act, 2013;
(b) the transferee is not required to make a takeover offer or required to acquire shares of another shareholder or member institution shares the borrower under any arrangement of loans and borrowings share, notwithstanding any contract or anything in any law; and (c) subject to subsection (2) — (i) No person may terminate or amend any agreement with the member institution or claim that an accelerated payment under any such agreement with a member institution only due to the order of transactions made or a change in the shareholders issued by member institutions;
(ii) such terms in any agreement has no force or effect if it has to provide for, or permitting, anything that, even at substantially, contrary to subparagraph (i); and

(iii) such terms in any agreement has no force or effect if it provides for, at substantially, that the member institution ceases to have the right to use or deal with the asset if no member institution will have that right at the time of the order of transfer is made or a change in the holder of the shares issued by member institutions.
Perbadanan Insurans Deposit Malaysia 125 (2) Enforcement by the parties on their rights under eligible financial agreement will not be affected by an order of transfer made for the transfer of all or any shares issued by member institutions.
(3) the Corporation may, with the approval of Bank Negara Malaysia, in the exercise of its powers under paragraph 99 (1) (ga), by notice in writing — (a) dismiss from Office, with effect from such date as may be specified in the notice, any Director, officer or employee of the member institution;
(b) vary or terminate the contract of service of any Director, officer or employee of the member institution, as may be specified in the notice; or (c) appoint any person as a Director, officer or employee of the member institution subject to such terms and conditions as may be determined by the Corporation.
(4) prior to the exercise of its powers under subsection (3), the Corporation shall give to the Director, officer or employee of the member institution an opportunity to make representations.
(5) for the avoidance of doubt, if the Corporation's exercise of its powers under subsection (3), the Corporation, the member institution or transferee cannot be named as a party in any claim or application made or added as a party in any proceeding initiated or continued by or on behalf of any Director, officer or employee of the member institution pursuant to the Industrial Relations Act 1967 or the Employment Act 1955.
(6) an order of transfer may require or allow — (a) pemindah to provide information and assistance to the transferee or the Corporation; or (b) the transferee to provide information and assistance to pemindah or the Corporation.
(7) any person in compliance with the order of transactions for the purposes of subsection (6) shall not be deemed to be in breach of any law, contract, agreement or arrangement.
Law Malaysia126 Act 720 (8) Command transfers issued according to this chapter shall be final and binding on all persons to whom an order of transfer is made or affected by the transfer order that it doesn't matter that the person is not aware of any circumstances which caused the order of transfer is made, or not having the opportunity to be heard by, or to make any representations to the Corporation in respect of the transfer of command.
(9) this section shall have effect and the full effects notwithstanding — (a) Nothing contained in any law relating to the shares and the directors, officers and employees of the member institutions include a law with him or underneath the member institution formed, established, incorporated or registered; or (b) anything contained in document constituent member institution or in any contract made by or on behalf of the member institution or in any contract affecting shares issued by or otherwise relating to the member institution.
Order a replacement 128d transfers. (1) the Corporation may issue an order of transfer of replacement to replace any order transactions that have been previously released for the purpose of correcting any omission or mistake in the order the transactions.
(2) any order replacement transactions issued by the Corporation under subsection (1) which States that any shares issued by member institutions have been transferred to the transferee shall be conclusive evidence of the transfer at the date of transactions specified in the order the transfer of the replacement.
(3) any act committed by the transferee, pemindah or any other person, by relying on an order issued transfers are not affected by any omission or mistake which was corrected in an order replacement transactions issued under subsection (1).
Malaysia Deposit Insurance Corporation 127 Chapter 3 General provisions relating to winding-up Definition 128e. For the purposes of this section — (a) "business life" means a business that undertakes the liability under a life policy; and (b) "the family takaful business" means the business relating to the Administration, management and operation of an arrangement under the takaful certificate takaful family.
Winding up of member institutions on the application of the Corporation 129. Notwithstanding sections 217 and 218 and subsection 221 (1) of the companies Act 1965, the High Court shall make an order winding up in respect of a member institution pursuant to a petition submitted by the Corporation under paragraph 99 (1) (e).
Be deemed to be a creditor 130. If a petition for the winding up of a member institution submitted by any person, the Corporation shall be deemed for all purposes to be a creditor.
The objective of the liquidator when the roll 131 member institution. (1) Notwithstanding any other law, a liquidator is appointed in respect of the winding-up of a member institution shall take into account the following objectives: (a) to work with the Corporation for the purpose of ensuring that — (i) per depositor, having an insured deposits, as determined by the Corporation; or law Malaysia128 Act 720 (ii) each beneficiary or insured that takaful has a covered benefit, as determined by the Corporation, as soon as reasonably practicable — (A) ascertained liability deposit or liability insurance, or takaful benefits of the transferred to and assumed by others; or (B) receive payment from, or made on behalf of, the Corporation; and (b) to wind up the Affairs of member institutions in a way that is designed to achieve the best results for all creditors of the member institution.
(2) the objective in paragraph (1) (a) be given priority in comparison with the objectives referred to in paragraph (1) (b) and a liquidator shall be started working on both objectives immediately when appointed.
Continuation of the family takaful business

131a. (1) Notwithstanding section 83 of this Act and paragraph 236 (1) (a) of the companies Act, 1965, the liquidator of the takaful operator who carries the family takaful business — (a) may exercise the family takaful business the takaful operator for the purpose of the business transferred as business already running to the takaful operator to another but cannot issue the new certificate; and (b) subject to subsection (3), may transfer assets and takaful operator's liability to the takaful operator other or intermediate institutions, including liabilities under the family takaful certificate takaful operator stemming from the first mentioned and takaful Fund which is managed by the takaful operator is first mentioned and of Division 4 of part VII of Islamic financial services act 2013 shall apply to the transfer.
Malaysia Deposit Insurance Corporation 129 (2) assets and liabilities of the takaful operator referred to in subsection (1) are the assets and liabilities of the takaful Fund and fund shareholders.
(3) the Liquidator may, for the purposes of the transfer under paragraph (1) (b), apply to the High Court for an order to reduce — (a) the amount of liability under the takaful certificate takaful operator of the family; or (b) the amount of the other liabilities of the takaful Fund, and the High Court may reduce the liability to the extent necessary by considering the value of existing assets in the takaful Fund and fund shareholders subject to any condition which in the opinion of the High Court was fit.
Continuation of business life 131b. (1) Notwithstanding section 83 of this Act and paragraph 236 (1) (a) of the companies Act, 1965, the liquidator of the insurance company doing business life — (a) may conduct the business of the life insurance company for the purpose of the business transferred as business already running to other insurance companies but not be able to withdraw the new policy; and (b) subject to subsection (3), may transfer the assets and liabilities of the insurance company to other insurance company or intermediate institutions, including liabilities under a life policy and of Division 4 of part VI of the Financial Services Act 2013 shall apply to the transfer.
(2) the assets and liabilities of the insurer referred to in subsection (1) are the assets and liabilities of the insurance fund and fund shareholders.
Law Malaysia130 720 Act (3) the Liquidator may, for the purposes of the transfer under paragraph (1) (b), apply to the High Court for an order to reduce — (a) the amount of liability under the policy the insurance company life; or (b) the amount of its liability, and the High Court may reduce the liability to the extent necessary by considering the value of the assets of the existing insurance company subject to any condition which in the opinion of the High Court was fit.
The appointment and remuneration of a liquidator is appointed in respect of the member institution 132. (1) Upon a petition for the winding up of a member institution and pursuant to section 228 of the companies Act 1965, the Court shall appoint as liquidator any person determined by the Corporation in the petisyennya or, if the Corporation is not the petitioner, his application.
(2) Upon an application of the Corporation, the Court shall appoint as liquidator any person determined by the Corporation in its application — (a) to fill a vacancy; or (b) to dismiss and replace a liquidator appointed under subsection (1) or upon the winding-up petition.
(3) Notwithstanding subsection 232 (3) of the companies Act 1965, the winding-up of a member institution, the Court shall determine the remuneration of a liquidator on the recommendation of the Corporation, and no person other than the Corporation may apply to the Court to review the remuneration of a liquidator.
Supervision of the Corporation 133. Subject to a court order and notwithstanding subsection 237 (4) of the companies Act 1965, a liquidator, other than the official receiver, appointed in respect of the winding-up of a member institution shall exercise its functions under the direction and supervision of the Corporation.
Malaysia Deposit Insurance Corporation 131 Chapter 4 specific provisions on the winding up of deposit-taking members Priority payment in liquidation deposit-taking members 134. In the winding up of deposit-taking members, assets of the deposit-taking members shall be available to meet all liabilities of deposit-taking members the respect of all deposits in Malaysia in priority compared to all other unsecured liability deposit-taking members of Malaysia's other debts the priority specified in subsection 292 (1) of the companies Act 1965 in sequence as specified in that subsection and debt due and owing to the Government under section 10 of the Act Government Proceedings 1956 [Act 359].
Priority payment in liquidation deposit-taking members conducting Islamic banking business 134a. (1) without prejudice to section 134, in the winding up of deposit-taking members approved under paragraph 15 (1) (a) of the Financial Services Act 2013 to conduct business Islamic banking — (a) the assets of the deposit-taking members of the acquired in the course of his business in addition to its Islamic banking business, shall be used to meet their liabilities incurred in the course of his business besides business Islamic banking, in sequence as specified in section 134; and (b) if the assets of the deposit-taking members referred to in paragraph (a) excessive after payment has been made to settle its liability under paragraph (a), any surplus assets of deposit-taking members shall be used to discharge the liabilities of deposit-taking members under subsection (2).
Law Malaysia132 Act 720 (2) without prejudice to section 134, in the winding up of deposit-taking members approved under paragraph 15 (1) (a) of the Financial Services Act 2013 to conduct business Islamic banking — (a) assets acquired by deposit-taking members in the course of its Islamic banking business — (i) not subject to debt deposit-taking members except with respect to Islamic banking business or as provided in paragraph (b); and

(ii) shall be available to meet all liabilities of deposit-taking members respect its Islamic deposit in Malaysia in the priority of all other unsecured liability incurred in the course of its Islamic banking business, other than debts priority specified in subsection 292 (1) of the companies Act 1965 in sequence as specified in that subsection and debt due and owing to the Government under section 10 of the Act Government Proceedings 1956 , resulting from its Islamic banking business as determined by the Corporation and the order of priority for the payment of different categories for Islamic deposit may be prescribed by regulations made under section 209; and (b) if the assets of the deposit-taking members referred to in paragraph (a) excessive after payment is made to settle its liability under subparagraph (a) (ii), any surplus assets of deposit-taking members shall be used to discharge the liabilities of deposit-taking members that includes the liabilities of deposit-taking members under section 134 in the order of priority set out in it.
(3) Notwithstanding subparagraph (2) (a) (ii), regulations may be prescribed under section 209 to determine and classify assets available and use of the asset disposal proceeds for discharging any or any part of the liabilities of deposit-taking members of it.
Perbadanan Insurans Deposit Malaysia 133 Priority payment in liquidation deposit-taking members representing Islamic banks 134b. (1) in the winding up of deposit-taking members representing Islamic banks within or outside of Malaysia, the assets of the deposit-taking members shall be available to meet all liabilities of deposit-taking members respect its Islamic deposit in Malaysia in the priority of all other unsecured liability deposit-taking members that apart from debt priority specified in subsection 292 (1) of the companies Act 1965 in sequence as specified in that subsection and debt due and owing to the Government under the section 10 of the Act Government Proceedings and order of priority for 1956, the payment of different categories for Islamic deposit may be prescribed by regulations made under section 209.
(2) Notwithstanding subsection (1), regulations may be prescribed under section 209 to determine and classify assets available and use of the asset disposal proceeds for discharging any or any part of the liabilities of deposit-taking members of it.
Chapter 5 specific provisions on the winding up of the insurer's members 135 Interpretation. (1) for the purposes of this section — (a) a reference to the assets of takaful operators do not include any assets of the Fund; and (b) a reference to the assets of the insurance company does not include any insurance fund assets.
(2) (Cut by the Act A1505).
Law Malaysia134 Act 720 winding up members of insurers on application by the person other than the Corporation 136. If a petition for the winding up of a member insurer is presented by a person other than the Corporation, the Corporation shall become a party to the proceedings in the winding up and — (a) such person shall deliver a copy of the petition to the Corporation at the same time it is presented;
(b) the Corporation shall have the right to appear and be heard in all proceedings relating to petition and to call, examine and cross-examine any witness; and (c) the Corporation, if it thinks fit, may support or oppose the petition.
Notice of winding-up proceedings by anyone other than the Corporation 137. If a petition for the winding up of a member insurer is presented by one other than the Corporation, that person — (a) shall give the Corporation notice of all proceedings relating to the petition, including proceedings under section 243 and 249 and 236 subsection (3), 277 (2), 277 (3) and 277 (4) of the companies Act, 1965; and (b) shall deliver to the Corporation a copy of the documents and records relating to the proceedings at the same time it lodged with the High Court or delivered to any party to the proceedings.
The report and accounts of liquidator 138. In the winding up of a member insurer, the liquidator shall submit to the Corporation — (a) a copy of the report referred to in subsection 235 (3) of the companies Act 1965 at the same time he produce it to the Court;
Malaysia Deposit Insurance Corporation 135 (b) a copy of the prescribed form referred to in subsection 281 (1) of the companies Act 1965 at the same time he produce it to the official receiver; and (c) any other documents as determined by the Corporation.
Statement of affairs 139. Statement of affairs of a member insurer at the date of the winding-up order made under section 234 of the companies Act, 1965 shall be submitted to the Corporation at the same time it submitted to the official receiver or liquidator.
140. (Cut by the Act A1505).
141. (Cut by the Act A1505).
142. (Cut by the Act A1505).
Priority payment in liquidation the takaful operator 142a. (1) in the winding up of the takaful operator, the assets of a takaful Fund for any class or description of the takaful business established under Islamic financial services Act shall be used to meet 2013 liability to the owner of the certificate or students should respect the takaful Fund and liability shall have priority over all liabilities unsecured the takaful Fund including any qard or any other form of financial support referred to in Islamic financial services Act 2013 , in addition to any tax mentioned in paragraph 292 (1) (f) of the companies Act 1965 that stemmed from the takaful Fund.
(2) in the winding up of the takaful operator — (a) if the asset is a takaful Fund which is managed by the takaful operator is redundant, after payment has been made to settle its liability under subsection (1), the surplus assets of the takaful Fund Law Malaysia136 Act 720 shall be used in order of the following: (i) first, to meet their liabilities other takaful Fund is managed by the takaful operator is not enough and if for this purpose there are two or more of the takaful funds — (A) excess the surplus shall be used, in accordance with the rates of the surplus in each of the takaful Fund to meet the liabilities of the takaful Fund is not enough; or

(B) which is not enough, the surplus shall be used in accordance with the rate amount is insufficient to meet the liabilities of the takaful Fund is not enough; and (ii) second, any other purpose as may be prescribed by the Corporation;
(b) any insufficiency in the assets of a takaful Fund to settle its liability under subsection (1) are fulfilled — (i) first, as provided in paragraph (a), to the excess of the assets of the other takaful Fund; and (ii) if the excess of the assets are insufficient to meet the liabilities of the then outstanding liability shall be filled with surplus assets fund shareholder after the payment has been made to meet liabilities shareholders ' Fund under subsection (3); or (c) pursuant to subparagraph (b) (ii), if the assets of the Fund shareholders redundant, surplus assets shall be used to discharge the liabilities of any takaful Fund is not enough, and in case of excess of the assets used to settle liabilities of two or more of the takaful funds that its assets are insufficient, the surplus assets shall be used according to the rate amount not enough of it.
Malaysia Deposit Insurance Corporation 137 (3) in the winding up of the takaful operator, the assets of the Fund shareholders shall be used to meet their liability to the owner of the certificate to the extent attributable to the shareholder Fund and liability shall have priority over all liabilities unsecured takaful operator, other than debts priority specified in subsection 292 (1) of the companies Act 1965 and the debt due and owing to the Government under section 10 of the Act Government Proceedings 1956.
Priority payment in liquidation of the insurance company 142b. (1) in the winding up of insurance companies, the assets of a Fund of insurance shall be used to discharge its liability to the policy owner and students under the policy of the Fund and this liability shall have priority over unsecured liabilities of the Fund, other than debts priority specified in subsection 292 (1) of the companies Act 1965 and the debt due and owing to the Government under section 10 of the Act Government Proceedings 1956 , to the extent they are rated to the insurance fund.
(2) subject to subsection (1) — (a) the assets of an insurance fund set up under the financial services act, 2013 shall be used first to settle the liabilities of the Fund;
(b) if the assets of a Fund of insurance, other than a fund life relating to participating life policy, more than its liability, the excess can be used to settle a liability fund other life insurance is not enough and if the surplus assets for two or more insurance fund used, surplus assets shall be used according to the rate on the amount of the surplus and the surplus, if assets used to settle liabilities of two or more of the insurance fund is insufficient the assets, the surplus shall be used at rates insufficient amounts thereof;
Law Malaysia138 Act 720 (c) any insufficiency remaining after application of insurance fund assets under paragraph (a) and (b) shall be met out of the assets of the Fund shareholders, and liabilities that are not filled to the policy owner and students under a policy shall have priority over other unsecured liabilities other than debt priority stated under subsection 292 (1) of the companies Act 1965 and the debt due and owing to the Government under section 10 Government Proceedings Act 1956; and (d) any other assets held by the insurer, including surplus assets in a fund life relating to participating life policy, shall be applied in the manner as may be prescribed by the Corporation.
Valuation of assets and liabilities a takaful operator or the insurance company 142c. (1) in the winding up of the takaful operator, including former members of the insurers that membership has been revoked under section 38 or terminated under section 39 and whether Fund shareholders or any that takaful Fund is managed by it insolvent or not, the value of the assets and liabilities of the Fund shareholders and the takaful Fund, including liability in respect of the takaful certificate , shall be ascertained on the basis as determined by the Corporation and the law relating to bankruptcy or insolvency is not applicable for the assessment of liability.
(2) in the winding up of any insurance company, including former members of the insurers that membership has been revoked under section 38 or terminated under section 39 and whether it is insolvent or not, the value of assets and liabilities, including liability in respect of the policy, shall be ascertained on such basis as determined by the Corporation and the law relating to bankruptcy or insolvency is not applicable for the assessment of liability.
Perbadanan Insurans Deposit Malaysia 139 Waiver strict debt proof load 143. Member insurers in liquidation, if the liquidator finds that by reason of the lack of documents, or any other circumstances, there will be trouble if he require strict proof of the debt burden, he may act on any evidence it deems fit and the payment of a debt made in good faith by a liquidator to any person who is entitled to the payment of the liquidator shall discharge all liability in respect of the debt.
Disapplication of certain provisions of the companies Act 1965, the financial services act 2013 and 2013 144 Islamic financial services Act. (1) Upon a petition for the winding up of the insurer's members, the following statutory provisions shall not apply: (a) section 176, 237, 241, 242, 246, 267 and 278 of the companies Act, 1965;
(b) (Cut by the Act A1505);
(c) (Cut by the Act A1505).
(2) Notwithstanding section 268 of the Financial Services Act and section 279 2013 Islamic financial services Act 2013, if there is any conflict or inconsistency between the provisions of this Act with the provisions of the acts, the provisions of this Act, and of the companies Act 1965 to the extent applicable, shall prevail.
Part VIII PROTECTION of STABILISATION Interpretation 145. In this part —

(a) "stabilisation period" means the period of stabilization protection order including any changes to such period as may be prescribed by the Minister under subsection 146 (5);
Law Malaysia140 Act 720 (b) "prescribed person" means the person, who was not deemed to be a member institution under section 36, set out in the order of protection stabilisation;
(c) "special provisions" means the provisions of sections 148 to 156; and (d) "protection of stabilisation" means any insurance or protection provided in accordance with section 146.
Order of protection 146 stabilization. (1) for the purpose of protecting and promoting or maintaining the stability of the financial system and promote or maintain the confidence of the public, the Corporation is empowered to provide for protection of stabilisation.
(2) a protection order is subject to stabilization protection stabilisation prescribed by the Minister after consultation with the Corporation and Bank Negara Malaysia (called "the order of stabilisation" in this section). (3) Notwithstanding anything to the contrary contained in this Act, order stabilisation can assign one or more of the following: (a) insurance for a deposit on a maximum limit that is greater than the otherwise applicable in section 42;
(b) protection for a takaful insurance benefits or covered at a maximum amount larger than otherwise applicable in section 69;
(c) insurance, as a whole or in part, for any liability or financial instrument of a deposit-taking members who otherwise uninsured arising from application of the subsubperenggan 41 (a) (A) to (E) or the provisions of paragraph 46 (a);
(d) protection, as a whole or in part, against a takaful benefits or insurance under a policy or certificate issued by a member insurer that otherwise is not a takaful insurance benefits or covered within the meaning of this Act;
Malaysia Deposit Insurance Corporation 141 (e) insurance, as a whole or in part, for any liability or financial instruments a specified person of the same or similar kind to the type of financial instruments liabilities or a deposit-taking members, whether included or not included in the definition of "deposits" in section 41 or the provisions of paragraph 46 (a); and (f) the protection of, as a whole or in part, of any obligation prescribed person the same or similar kind with a type of benefit offered by the Member insurer, whether or not it otherwise is a takaful benefits or insurance within the meaning of this Act.
(4) a protection order shall be temporary stabilisation and shall become effective for the period specified in the order.
(5) for the purposes specified in subsection (1), the Minister may, after consultation with the Corporation and Bank Negara Malaysia, by order published in the Gazette, amend the order of protection including stabilisation amend order stabilisation.
The application of special provisions 147. (1) special provisions shall apply when an order of protection in force for stabilization.
(2) subject to section 157, special provision shall cease to apply upon the expiry of the protection of stabilisation.
Stabilizing protection 148. (1) the Corporation shall provide for the protection of the stabilisation of the same in such manner as the Corporation allocated deposit insurance in Chapter 1 of part IV or takaful insurance benefits protection or in Chapter 1 part V.
(2) any liabilities or financial instrument or takaful benefits or insurance matter that became an order of protection and stabilization that otherwise is not a legal deposit Act Malaysia142 720 or takaful benefits or insurance within the meaning of this Act, is deemed to be a deposit or insurance and takaful benefits or a person whom the obligation is owed shall be deemed a depositor or beneficiary takaful or the insured person for all purposes of this Act.
Fees, premiums or levies for stabilization protection 149. (1) If a stabilization protection is provided, the member institution or a prescribed person shall pay to the Corporation such fees, premiums or levies as may be determined by the Minister.
(2) Notwithstanding any other provisions of this Act, the member institution or a prescribed person shall pay fees, premiums or levy under subsection (1) within such period and in such manner as the Corporation considers appropriate.
The application of the provisions in respect of 150 member institutions. (1) If a stabilisation provided protection in respect of a specified person, all the provisions of this Act that apply to a member institution shall apply to the specified person.
(2) Notwithstanding subsection (1) — (a) of paragraph 14 (1) (b) shall not apply to an officer of the prescribed person;
(b) Chapter 2 of part IV shall not apply to the specified person; and (c) the person specified does not present itself as a member institution and section 192 shall apply to that person.
Fees, premiums or levies are deemed earned 151. Any fees, premiums or levies in respect of coverage stabilisation shall be deemed fully earned when due and cannot be refunded.
Perbadanan Insurans Deposit Malaysia 143 Extension application of section 51 or 75 152. If a coverage stabilisation is assigned to a member institution, section 51 or 75 can be used by the Corporation if, in the opinion of the Corporation, the member institution has not or does not maintain records of deposits or takaful benefits or proper insurance or the member institution make a misstatement, through any act or omission of any information used as a basis for assessment of any fi , premiums or levies.
Surcharges 153. (1) Notwithstanding the payment of any fees, premiums or levies in respect of coverage stabilisation, the Corporation may assessing and collecting a surcharge imposed under this part of the set for any act or omission specified under subsection (3).
(2) a surcharge under subsection (1) in any given year shall not exceed – (a) fees, premiums or levies payable by the person prescribed in respect of coverage stabilisation for the previous year; or

(b) a total of one million dollars, whichever is higher.
(3) if in the opinion of the Corporation, the prescribed person — (a) (Cut by the Act A1505);
(b) has not been or is not complying with the terms and conditions of membership, any undertaking given to or agreement made by the Corporation, or of any regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or notes of the Corporation in respect of coverage stabilisation;
(c) has not or does not comply with the request for information or has blocked the right to gain access to the information provided by the Corporation, Bank Negara Malaysia or any person acting on behalf of the Corporation under this Act; or law Malaysia144 Act 720 (d) has not or does not maintain records of deposits or takaful benefits or insurance properly or make any misrepresentation, through any act or omission of any information, including information on insured deposits, liabilities net contribution benefits covered, or the net premium is used as a basis for the assessment of any fees, premiums or levies in respect of coverage stabilisation , the Corporation shall — (A) if it plans to impose a surcharge on the person who set it, consult with Bank Negara Malaysia about the reason to impose a surcharge and the surcharge amount; and (B) give the prescribed persons an opportunity to make representations to the Corporation about any proposed a surcharge within seven days from the date of the written notice issued by the Corporation to the person who set it.
(4) If the Corporation receives representations from the person who set it within the time specified in paragraph (3) (B), the Corporation shall consider the representations that in deciding whether to impose a surcharge and, where levy, decided the surcharge amount.
(5) where the Corporation decided to impose a surcharge, the Corporation must obtain written approval from the Minister before imposing the surcharges on those who prescribed it.
(6) a surcharge shall be imposed by the Corporation by notice in writing to the person who set it and shall be payable to the Corporation within thirty days from the date of the notice or such other period as may be determined by the Corporation.
(7) any opinion formed or decisions made by the Corporation in relation to the imposition or the amount of any surcharge in respect of any person specified shall be final and binding.
Malaysia Deposit Insurance Corporation 145 (8) a surcharge paid to the Corporation under this section shall be paid into and form part of the consolidated fund.
Overdue charges 154. If any fees, premiums, levies or surcharges owed and payable under this section payable by a member institution or person specified on the date it is due, the amount unpaid shall, without further notice to the member institution or person that may be prescribed, be increased to an amount determined by the Minister.
There are no set-off 155. Unless the Corporation agree otherwise in any particular case, no payment owed to the Corporation by a member institution or person specified can be released, reduced or otherwise adjusted by reason of any claim that the member institution or person specified have against the Corporation.
Funding and the loss of 156. (1) the Minister shall — (a) allocated to the Corporation any funds as may be required by the Corporation to administer and implement a protection stabilisation; or (b) refund to the Corporation of any loss incurred by the Corporation as a result of protection provides for stabilisation.
(2) any funds made pursuant to paragraph (1) (a) or reimbursement made pursuant to paragraph (1) (b) shall be charged on the Consolidated Fund and if provisions or repayment is made, Minister of law Malaysia146 720 Act shall cause a statement of the provisions of the Fund or repayment is laid before the House of Commons at the earliest opportunity.
(3) the Corporation shall pay any fees, premiums or levies or other amounts in respect of coverage stabilisation or any part thereof as may be agreed upon by the Minister and the Corporation into the consolidated fund.
(4) for the purposes of paragraph (1) (b), factors that should be taken into account to determine whether the Corporation has been incurring a loss as a result of stabilization protection was allocated as follows: (a) the fees or premiums or levies received by the Corporation as a result of allocated protection stabilisation;
(b) the cost to the Corporation for any loan or other debt ditanggungnya to make any payment due to the stabilisation of protection;
(c) fees, premiums or levies or other amount or any part thereof payable in respect of the protection of stabilization into the consolidated fund;
(d) the net revenue earned by the Corporation as a result of any payment protection stabilisation;
(e) the loss in value of investments any funds the Corporation used to make any payment protection stabilisation;
(f) any other costs, including income tax or other taxes, reasonably incurred by the Corporation as a result of stabilisation and protection as approved by the Minister; and (g) such other factors as may be agreed as appropriate by the Minister and the Corporation.
Malaysia Deposit Insurance Corporation 147 continuous adoption of special provisions 157. (1) If a stabilization protection provided by the Corporation to a member institution under section 146 and the stabilization protection period has expired — (a) If, before the expiry of the stabilization protection expiration, the Corporation undertook any of its powers under section 25, section 161 or part VII in respect of the member institution, special provisions shall continue to apply to and in respect of the member institution as if the stabilisation period has not expired; and

(b) If, before the expiry of the stabilization protection expiration, the Corporation under a duty or is empowered to make a payment in respect of the stabilization protection member institutions, special provisions shall continue to apply to and in respect of the member institution as if the stabilisation period has not expired.
(2) If a stabilisation of protection provided by the Corporation to a person specified coverage stabilisation has expired — (a) the prescribed person shall still be liable for all the liabilities of the Corporation to ditanggungnya during the period of the specified person is subject to the provisions applicable to a member institution by virtue of section 150;
(b) section 193 to 201 shall apply in respect of any act done by the person who set during the period of the specified person is subject to the provisions applicable to a member institution by virtue of section 150;
(c) of section 202 and 203 shall apply as if the person who set it is still subject to the provisions applicable to a member institution by virtue of section 150;
Law Malaysia148 Act 720 (d) If, before the expiry of the stabilization protection expiration, the Corporation undertook any of its powers under section 25, section 161 or part VII in respect of specified persons, special provisions shall continue to apply to and in respect of the person specified as if the stabilisation period has not expired; and (e) If, before the expiry of the stabilization protection expiration, Corporation or authorized under a duty to make a payment in respect of the stabilization protection prescribed person, special provisions shall continue to apply to and in respect of the person specified as if the stabilisation period has not expired.
Part IX POWERS in RESPECT of ASSETS ACQUIRED by the CORPORATION Chapter 1 Acquisition and disposal by the Corporation of acquisition and disposal of assets by the Corporation 158. (1) without prejudice to subsection 99 (5), 115 (6) and 180 (5), the Corporation may acquire or dispose of any assets — (a) in accordance with the provisions of the statutory vesting provisions specified in the third schedule; or (b) in accordance with general law.
(2) a certificate of vesting date or certificate of transfer issued in accordance with the third Schedule shall have effect as specified in the third schedule and shall be binding on any person affected with it.
Malaysia Deposit Insurance Corporation 149 right to dispose of and preserve the value of assets 159. (1) Notwithstanding any law and in addition to any other powers of the Corporation available under any contract or by law, the Corporation as the holder of a charge on any property, whether as chargee, mortgagee, assignee, the holder of the lien or otherwise, shall be entitled — (a) to dispose of the property or any part of the property in private treaty in accordance with the fourth schedule; and (b) where the property consists of land, to take all necessary measures it regards should to maintain the value of the land or facilitate the disposal of the land is in private treaty in accordance with the fourth schedule, including entering the land, whether alone or with any other person authorised by him, to inspect, protect, guarantee secure, maintenance or repair of the land.
(2) acquisition and disposal of property in accordance with the Fourth Schedule shall have effect as specified in the schedule.
Chapter 2 Provisions relating to konservator interpretation of 160. (1) in this part, unless the context otherwise requires — "Bursa Malaysia" means Bursa Malaysia Berhad, a Malaysian Exchange holding company approved under the capital markets and Services Act 2007;
"secured creditor" means a person who holds as collateral for a liability of the person affected — (a) a mortgage registered accordingly under the national land code, the Land Ordinance of Sabah or Sarawak Land Code on land owned by the person affected;
Law Malaysia150 720 Act (b) a fixed or floating charges on the undertaking or assets of the person affected and that, if required by any provision of the companies Act, 1965, has been registered properly in accordance with the provisions of the companies Act 1965 to apply;
(c) an assignment by a person affected on its rights under an agreement for the purchase of land or a building plot for a release document of title to the land or strata title to the parcel for the building was not yet released at the time of assignment;
(d) the output document of title to any land or duplicate lease owned by people affected and in respect of which a lien holder caveat made accordingly in accordance with the provisions of the national land code;
(e) a mortgage, the mortgagee, pledgee or lien over securities can be marketed (as defined in the companies Act 1965) owned by the person affected and which, if duly required by any provision of the companies Act, 1965, has been registered properly in accordance with the provisions of the companies Act 1965 to apply; or (f) a mortgage, the mortgagee, pledgee or lien on money placed on deposit fixed by the person affected and that, if required by any provision of the companies Act, 1965, has been registered properly in accordance with the provisions of the companies Act 1965 to apply.
(2) the Minister may, on the recommendation of the Corporation, amend the definition of "secured creditor" in subparagraph (1) by notice published in the Gazette.
The power to appoint additional konservator and konservator, etc.
161. (1) for the purposes of this Act, the Corporation may appoint a konservator to administer person affected if it is satisfied that — (a) the person affected main — (i) is unable or unlikely to be able to pay its debts; or Malaysia Deposit Insurance Corporation 151 (ii) is unable or unlikely to be able to meet its obligations to his creditors;
(b) survival people were affected and the whole or any part of its assets as an ongoing effort can be achieved;
(c) the production of more profitable will be major assets accessible people affected other than a liquidation; or

(d) the appointment can achieve more profitable production or a faster solution would be a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, either currently or in the future, or whether vested or contingent.
(2) the Corporation may appoint one or more konservator for those affected.
(3) the Corporation may at any time after the appointment of any konservator under subsection (2) appoint additional konservator and may, at any time, terminate any existing konservator and appoint a new konservator to replace it.
(4) no nothing in subsection (3) may be considered to end the Administration any person affected unless such termination by the Corporation.
(5) any decision of the Corporation relating to the appointment of an additional konservator konservator, person, termination of any existing konservator and appointing a new konservator for replacing it, shall be final and binding.
(6) a konservator, in the exercise of its powers under this section, is not required to notify or obtain the approval of the shareholders or creditors of the person affected in a general meeting or otherwise notwithstanding any pillars of law, contract or anything in any law including the companies Act 1965 or anything in the constituent documents of the affected people.
Law Malaysia152 Act 720 (7) any person who contravenes — (a) section 173 or 177; or (b) subsection 170 (1), 174 (1), 175 (2), 176 (1), 179 (1) or 183 (1), commits an offence and shall, on conviction, to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.
Eligibility konservator 162. (1) No person shall be appointed a konservator unless — (a) the person is a natural person; and (b) he has agreed in writing about his appointment and did not withdraw consent at the date of his appointment.
(2) the following are eligible to be appointed as konservator: (a) an approved company auditors under the companies Act 1965;
(b) a person who has, in the opinion of the Corporation, the experience required; or (c) a person who, in the opinion of the Corporation, capable of carrying out the duties of a konservator.
(3) the following persons are not eligible to be appointed as konservator: (a) a corporation;
(b) a bankrupt who has not yet been released;
(c) a mortgagee of any assets of the people affected;
(d) an auditor people were affected; or (e) an officer of the person affected.
Malaysia Deposit Insurance Corporation 153 Two or more konservator 163. If two or more persons appointed konservator for people affected — (a) the functions or powers konservator can be implemented or run by any one of them or by both or all of them in association; and (b) a reference in this Act konservator is a reference to any one of them to be appointed.
Period of administration of 164. (1) Administration people were affected by konservator shall commence from the date of appointment and shall be continued until konservator terminated by the Corporation.
(2) the Board may appoint a Committee which is chaired by one of its directors and consisting of one or two more directors and others who have expertise or experience related to supervise, monitor and evaluate the performance of any or all konservator appointed by the Corporation.
(3) a Committee appointed under subsection (2) shall, from time to time, make any suggestions or recommendations, including a proposal for termination konservator for consideration of the Corporation.
(4) the Person shall be released from his appointment konservator upon termination of his appointment is approved by the Corporation.
(5) where the appointment of a konservator released under this section or subsection 189 (2), he shall, with effect from the release, released from all obligations and liabilities in respect of its administration or otherwise in relation to his conduct as a konservator. (6) Nothing in this section shall prevent an action or other proceeding by any person for loss or damage caused by the Act of misconduct or negligence by konservator.
Law Malaysia154 Act appointment Notification konservator 165 720. (1) where a person has been appointed, konservator konservator shall — (a) within two days after such appointment give notice in writing to the person affected;
(b) within seven days after such appointment lodge a notice of appointment konservator with — (i) the companies Commission of Malaysia; and (ii) in the case of a public listed company, Bursa Malaysia, in such form as may be determined by the Corporation; and (c) within seven days after the appointment resulted in a notice of appointment konservator published in at least two newspapers in Malaysia, one of whom shall be in the national language.
(2) every invoice, order goods or services, business letters, cheques, credit note or negotiable instruments or other documents, after appointing a konservator in relation to people affected, was issued by or on behalf of the person affected or konservator, which is a document to it or it appears the name of the person affected, shall contain the words "Konservator Appointed" or such words.
(3) a violation of this paragraph shall not affect the validity of the administration action konservator people were affected.
Effect of appointment konservator 166. Appointing a konservator may not — (a) is taken into account as putting konservator, person or any other person who is in breach of or in default under any contract or in broken trust;
Malaysia Deposit Insurance Corporation 155 (b) recognised as evoking a right to any person — (i) terminate, cancel or modify an agreement;
(ii) enforce or speed up the implementation of an obligation; or (iii) requires the implementation of an obligation that if not for it's not consequential to the implementation;

(c) counts as placing konservator, person or any other person in a position of violating any law or agreement prohibiting, restricting or regulating the assignment, sale, disposal or transfer of any assets or disclosure of information;
(d) release a guarantor of an obligation;
(e) menidaksahkan or releasing a contract or security;
(f) counts as terminate, cancel or amend any of the rights, privileges, exemptions (including any tax exemption) or priority in respect of an asset; or (g) counts as a lay Corporation or konservator in position in violation of any law or any court order.
General power konservator 167. A konservator shall have the following powers: (a) the power to change the location of the registered office of the person affected;
(b) authority to use the seal of the people affected;
Law Malaysia156 Act 720 (c) authority to do all acts and execute in the name and on behalf of affected any deed, receipt or other document;
(d) the power to appoint any agent to do any business which cannot be done personally by konservator or that can be done more easily by individual agents and the power to employ and dismiss officers and employees associated with those affected;
(e) the power to establish the subsidiary people were affected;
(f) the power to transfer to subsidiaries people affected all or any part of the assets of the people affected;
(g) the power to collect and maintain insurance in respect of the assets of the people affected;
(h) the power to take possession of, collect and get the assets of the people affected and for that purpose, to take any proceedings as expedient to konservator;
(i) the power to sell or otherwise dispose of the assets of the people affected in public auction or private contract;
(j) the power to give or accept a surrender of the lease or rental of the assets of the people affected, and to take a lease or tenancy of any assets that are required or appropriate to the assets of the people affected;
(k) the power to make all things, including work, as may be necessary for the management and production of assets, business and Affairs of people affected;
(l) the power to earn money, borrow money or give security for him on the assets of people affected;
(m) the power to issue, receive, create and endorse any bill of Exchange or promissory note in the name and on behalf of people affected;
(n) the power to make a call on any person affected the capital has not been called;
Malaysia Deposit Insurance Corporation 157 (o) the power to make any payments necessary or incidental to the performance of its functions;
(p) the power to run the Affairs of the person affected;
(q) the power to exercise any functions and exercise such powers, the people affected, any Director or officer may perform or carry out if a konservator not appointed;
(r) the power to appoint any person as a Director of those affected, whether to fill a vacancy or as any additional directors;
(s) the power to appoint a solicitor, accountant or other professional qualified persons to assist it in the performance of its functions in relation to the person affected;
(t) the power to dismiss or suspend Office any Director people affected or appoint another person to act as a Director of those affected notwithstanding any law or constituent documents of people affected;
(u) the power to bring or defend any action or legal proceeding to another in the name of and on behalf of people affected;
(v) the power to refer to arbitration any question involving the people affected;
(w) the power to make any arrangement or compromise on behalf of the people affected;
(x) the power to who and claim in bankruptcy, insolvency or pelikuidasian any person indebted to the people affected and to receive dividends or returns, and to participate in a deed of trust for creditors people were affected;
(y) the power to present or defend a petition for the winding up of people affected, and to initiate the voluntary winding up of people affected; and (z) the power to do all such other things as may be necessary for or incidental to the exercise of the powers mentioned earlier.
Law Malaysia158 Act General Duties konservator 168 720. (1) without prejudice to section 173, 175 and 176, konservator shall, after his appointment, take into its custody or under its control all assets which the person affected is entitled or appears to be entitled.
(2) Konservator shall organise assets, business and Affairs of people affected — (a) at any time before the secured creditor approval of proposals by people affected under section 185, in accordance with any instructions given by the Corporation; and (b) at any time after the approval of the proposal by the secured creditors affected person under section 185, in accordance with the proposal as modified from time to time pursuant to section 187.
As people were affected Konservator 169. Konservator shall, in the administration of those affected, be deemed to be acting as agent of the person affected.
An officer of the person affected shall perform or carry out functions with 170 written approval. (1) If a konservator was appointed, none, including the Board of people affected, besides konservator, can perform or carry out or purporting to perform or carry out functions as an officer the person affected, except with the prior written approval konservator.
(2) if the execution or exercise of konservator approve something functions by the person affected in accordance with subsection (1), konservator shall pay to the officer that any fees or other remuneration as may be determined reliably by konservator.
(3) except as provided in subsection (2) and notwithstanding any law or other contracts, there are no any whatsoever type of remuneration will be accrued or payable Perbadanan Insurans Deposit Malaysia 159 to any officer of the person affected except as approved in writing by the konservator in connection with any activity required or authorised by the Administration for the next person konservator affected.
(4) for the purposes of subsection (1), konservator reserves the right to carry out all the functions of the Board of Directors of people affected.

(5) in this section, an employee is a person affected shall not be construed as an officer simply because he is an employee of the person affected.
Transactions with the assets of 171 people were affected. (1) where a person affected purporting to make or any person purporting to be made on behalf of the person affected, a transaction or transaction with any assets of the person affected, the transaction or transaction shall be void unless — (a) it is a transaction or transactions made by the Corporation or konservator; or (b) written consent konservator obtained prior to the transaction or the transactions to be effected.
(2) any person purporting to make a transaction or transaction that violates subsection (1) commits an offence.
172 compensation. (1) if the Court finds a person guilty of an offence under subsection 171 (2) and the Court is satisfied that the person or another person has been incurring loss or damage it, the Court may order the person who committed such offence to pay compensation to people who have to bear the loss or damage.
(2) Notwithstanding subsection (1) konservator can start legal proceedings against any person to recover the assets of the person affected or compensation in lieu thereof.
Law Malaysia160 Act 720 Obligations affected people officer 173. (1) an officer or employee of the person affected shall within seven days after the appointment of konservator — (a) submit to the konservator all books, records, accounts or other documents in the possession of persons affected officer or employee; and (b) if the officer or employee knows the location of the books, records, accounts or other documents relating to the person affected, inform konservator on location book, record, account or document.
(2) an officer or employee of the person affected shall be — (a) provide konservator any information concerning the assets, Affairs, Affairs and the financial circumstances of the person affected; and (b) help konservator at any time, as may be required to reliably by konservator.
Investigation of the business and Affairs of 174. (1) Konservator may require any person referred to in subsection (2), within twenty one days from that date or any extended period as permitted by konservator, to verify and submit to konservator a statement about the business and Affairs of people affected in the form specified by konservator containing — (a) the details of the assets and liabilities of the person affected;
(b) the name and address of the creditor of the person affected;
(c) collateral held by the creditor of the person affected referred to in paragraph (1) (b);
(d) the date of the security referred to in paragraph (1) (c) has been given;
(e) a statutory declaration made in accordance with the provisions of the Statutory Declarations Act 1960 [Act 13], declare the information in the statement of affairs that as true and correct; Malaysia Deposit Insurance Corporation and 161 (f) any further information or other information as may be required by konservator.
(2) Konservator may require the following person so as to verify and submit statements of the business and Affairs referred to in subsection (1): (a) the person who becomes or has been an officer of the person affected;
(b) a person who has participated in the formation of people affected at any time within two years prior to the appointment of the konservator; or (c) persons in the employment of the person affected or has ever been in the employment of the person affected within two years prior to the appointment that, in the opinion of konservator konservator, have the information required.
(3) Konservator may at any time release a person from any of the obligations imposed thereon under subsection (1) or (2).
(4) Konservator shall, upon the functions and duties under this Act expires, return to the person affected of any book, record, account statements, or other documents or anything referred to under subsection 173 (1), this section and section 175.
(5) in this section, "employment" includes employment under a contract for services.
Right konservator over books, records, accounts or other document 175 people were affected. (1) subject to subsection (3), no person shall be entitled as compared with konservator — (a) to keep in possession of books, records, accounts or documents other people were affected; or (b) to claim or enforce a lien on books, records, accounts or other documents of people affected.
Law Malaysia162 Act 720 (2) Konservator can give notice to a person in respect of the books, records, accounts or documents other people were affected and that person shall deliver to konservator books, records, accounts or other document referred to in the notice who has in his possession.
(3) subsection (1) and (2) does not apply in respect of any books, records, accounts or other documents — (a) who is entitled to is owned by a secured creditor unless the affected people due to a lien; or (b) a detained person affected by any regulatory body, but the reserves the right to inspect konservator and make copies of the books, records, accounts or other documents.
Rights of the person konservator affected 176. (1) Konservator may require any person having the possession or control of assets, books, records, accounts or other documents that people affected him so that turned out to be entitled to deliver, provide, surrender or transfer of assets, books, records, accounts or other documents to konservator immediately or within such period as may be directed by konservator and such person shall forthwith deliver, provide, surrender or transfer of assets , books, records, accounts or other documents to konservator.
(2) if konservator seize any assets which are not assets of the person affected and by the time of the seizure, trust, and has reasonable grounds to believe, that he reserves the right to seize the assets, then konservator shall not be liable to any person in respect of any loss or damage caused by the seizure unless the loss or damage caused willfully by konservator or any person acting on his behalf or by negligence konservator himself.
Malaysia Deposit Insurance Corporation 163 Block or inhibit konservator 177. No person shall restrict or prevent the exercise of any of the obligations, rights or powers by a konservator.
Disclaimer

178. (1) Subject to subsection (3), if any part of the assets of the person affected consist of — (a) any interest in lands that contain onerous Covenants;
(b) the shares in the Corporation;
(c) the unprofitable contracts; or (d) any other assets that cannot be sold or not available for sale, because it is binding on the owner to the implementation of any actions that burden or to the payment of any sum of money, konservator can within twelve months after he is aware of any of the aforementioned assets, denied claims of any such assets.
(2) the right of any person affected by the exercise of his power to konservator according to deny a claim under subsection (1) shall be dealt with in the manner set out in the proposal and any compensation to such person shall be is rated as an unsecured debt.
(3) Konservator can not exercise of its powers under subsection (1) to deny claims any contract market.
(4) for the purposes of subsection (3), a "market contract" has the same meaning as defined under the capital markets and Services Act 2007 and shall include futures contracts traded in the derivatives market is settled through a clearing centre approved.
Law Malaysia164 Act Moratorium 720 179. (1) subject to subsection (6), with the appointment of a moratorium shall konservator force within it — (a) no action, suit or proceeding in any court or tribunal shall be instituted or continued against the Corporation, or people affected konservator;
(b) any petition for the winding up of person affected shall be rejected by the High Court;
(c) no resolution may be passed or an order is made for the winding up of people affected, unless konservator take any step to implement a recommendation under this section;
(d) no receiver, Manager, receiver and Manager or provisional liquidator be appointed, or, if appointed, the appointment shall terminate immediately and he shall vacate his Office;
(e) no step can be taken — (i) to establish, execute or enforce any charge on any assets of the people affected;
(ii) to enforce any judgment or award or order on the person affected or any assets of people affected;
(iii) to have the any assets in the possession, custody or control of the person affected; or (iv) to refuse any debt owed to people affected with respect to any claim against the person affected, except with the prior written consent of the Corporation;
(f) no action, suit, proceeding or legal process shall be instituted or continued, and no distress may be levied against people affected or of its assets except with the prior written consent of the Corporation;
Malaysia Deposit Insurance Corporation 165 (g) any application made under the companies Act 1965 relating to any compromise or arrangement that involves the person affected and his creditors or shareholders or any class shall be postponed sine die and any restriction order issued pursuant to any provision of the companies Act, 1965 shall be released and waived immediately; and (h) no action, suit, proceeding or legal process shall be instituted or continued against any person which provides an assurance or acting as a guarantor for the liability of the person affected except with the prior written consent of the Corporation.
(2) the period of moratorium provided in subsection (1) shall be for a period of twelve months starting from the date of appointment konservator and may be terminated at any time by the Corporation.
(3) Notwithstanding subsection (2), the Corporation may extend the moratorium for such period as may be deemed appropriate by the Corporation to enable konservator provide or perform a proposal under this section.
(4) If the period of the moratorium is extended pursuant to subsection (3), a notice of the extension shall be published in at least two newspapers in Malaysia, one of which shall be in the national language.
(5) the Corporation shall not be liable for any act or damages in respect of a refusal to give consent under subsection (1).
(6) Nothing in this section shall prevent any civil or criminal proceedings of the started or continued by any regulatory body under any law against people affected.
(7) any decision of the Corporation under this section shall be final and binding.
Law Malaysia166 Act eligible financial Agreement 720 with 180 people were affected. (1) Notwithstanding section 166, if one has been appointed to administer konservator people affected, none being a counterparty to a financial agreement with the eligible people affected may terminate the agreement, exercising any right under the agreement or exercise any remedies or rights to the person affected or its assets and no provision in any agreement that provides for any of the aforesaid may be effected or effect unless determined otherwise by the Corporation in writing in such a period following the appointment of konservator as prescribed in regulations by the Corporation.
(2) if the Corporation agrees to transfer a qualified financial agreements with those affected to an eligible third party, none became a party to the agreement may terminate the agreement, exercising any right under the agreement or exercise any remedies or rights to the person affected or its assets and no provision in any agreement that provides for any of the aforesaid may be effected or affected solely by reason of the transfer or appointment of the konservator.
(2a) where a person becomes the counterparty for two or more financial transactions that qualify under a financial agreement with the eligible people were affected equally, konservator can only move to an intermediate institution or a third party who is entitled to all or none financial transactions eligible among those affected and that person.

(3) If an eligible financial agreement was an agreement relating to financial collateral applicable to any property of the person affected, the property shall also be transferred to a third party is eligible.
(4) If a qualified financial agreements are not transferred in accordance with this section and the person who becomes the counterparty can terminate the agreement in accordance with the conditions but have yet to do so, the Corporation may declare in writing that the agreement is terminated, in which case such, and even if there are any terms to the contrary in the agreement, the agreement shall be deemed to have been terminated by the counterparties.
Malaysia Deposit Insurance Corporation 167 (5) the Corporation may transfer an eligible financial agreement to a third party is eligible through an instrument of transfer issued in accordance with the second schedule and it shall have the effects described in the second schedule and shall be binding on any person affected with it.
Recover the consideration money from assets acquired or disposed of before appointment konservator 181. (1) for the purposes of this section — "reward money", in respect of an acquisition or sale by the person affected, means the consideration for acquisition or sales payable other than through the issuance of shares by the person affected; "Director" has the same meaning as defined under section 4 of the companies Act, 1965;
"impairment of assets" includes the value of any goodwill or profit may be obtained from such assets or the consideration.
(2) where any asset has been acquired by the person affected to return money within two years before appointing a konservator under this Act — (a) from a person who at the time of the acquisition, is an independent for those affected; or (b) of a company for which at the time of the acquisition, one that became its Director is also a Director for people affected, konservator can get back from the person or company from whom the asset was acquired for any amount of money for the acquisition consideration exceeds the value of the asset at the time of the procurement exercise.
(3) where any asset is sold by the person affected for a consideration money within two years before appointing a konservator under this Act — (a) to a person at the time of sale, is an independent for those affected; or legal Malaysia168 720 Act (b) to a company for which at the time of sale, one who became its Director is also a Director for people affected, konservator can get back from the person or company to whom the assets were sold any amount that the asset value when selling excess return money.
Priority should not be 182. (1) with the appointment of konservator, any transfer, mortgage, execution, detention, obligations, settlement, mortgage, assignment, delivery of goods, payment or other Act which relates to any asset that is made, incurred by or against the person affected which, if it's done by or against individuals, would be void or can cancel if done while he was in a State of bankrupt under the bankruptcy laws, may be avoided or be obtained by the konservator.
(2) for the purposes of subsection (1), if a reference is made in the law of bankruptcy about a date for the purpose of determining the effect of bankruptcy on the transactions referred to it, that date shall be the date of appointment konservator.
Vacation of Office recipient, etc.
183. (1) any recipient, Manager, receiver and Manager or liquidator while emptying his Office in accordance with paragraph 179 (1) (d) shall forthwith surrender all assets, books, records, accounts or documents of other people affected to konservator.
(2) all sums incurred accordingly with respect to costs, expenses and remuneration of receiver, Manager, receiver and Manager or provisional liquidator shall be charged on and paid out of the proceeds realised people were affected in the manner set out in the proposals under section 185.
Malaysia Deposit Insurance Corporation shall prepare recommendations 169 184 Konservator. (1) Konservator shall, subject to the terms and conditions of appointment, prepare and submit to the Corporation a proposal to present a plan in respect of the person affected konservator.
(2) the proposed konservator or any modification to the proposal under section 187 can include any of the provisions as it deems fit by konservator.
(3) without prejudice to the generality of the foregoing, the proposal may include provision for — (a) a compromise or arrangement among those affected with his creditors or any class of his creditors or between people affected by shareholders or any class of shareholders or between people affected with Aquitaine because or any class of Aquitaine because;
(b) the variation or reduction in whole or part of the share capital of the people affected;
(c) the sale of whole or part of the undertaking or assets of the person affected;
(d) transfers to any company the whole or any part of the undertaking, assets or liabilities of the person affected;
(e) the continuation by or against the company referred to in paragraph (d) shall be any legal proceedings pending by or against the person affected;
(f) the winding up or dissolution without liquidation of people affected; or (g) any other provisions necessary to ensure that the recommendations or plans konservator or any compromise, arrangement, reorganization or merger in respect of person affected shall be carried out fully and effectively.
(4) the Corporation shall consider recommendations submitted by konservator and, not later than thirty days after submission of the proposal or any longer period as may be authorized by the Minister, approve or reject the proposal.
Law Malaysia170 Act Meeting creditors secured 185 720. (1) Konservator shall, after approval of the proposal by the Corporation, send by registered post prepaid or by any other means specified under this Act to the last known address of each secured creditors affected people known to konservator — (a) a copy of the proposal;

(b) if appropriate, a Corporation characterized the memorandum of Incorporation which sets out any matter which in the opinion of the Corporation should be taken into account by the creditor secured in considering the proposal; and (c) a notice of secured creditors for the purposes set out in this section.
(2) a secured creditor meeting people were affected shall be held within fourteen days after the issuance of the notice of secured creditors under subsection (1). (3) secured creditors Meeting people affected held under subsection (2) shall decide whether to approve or reject the proposal.
(4) where — (a) the majority of creditors secured by valuation, present and voting either personally or by proxy, at the meeting approves the proposal; or (b) no creditor secured person affected known konservator and Corporation approved the proposal under subsection 184 (4), the proposal, including the recently proposed as it then under section 187, shall bind the person affected, all shareholders and creditors of the person affected or any other person affected by the proposal, whether or not the person has knowledge or notice of the proposal.
Malaysia Deposit Insurance Corporation 171 (5) for the purposes of paragraph (4) (a), a resolution to approve the proposal with any modification shall be deemed to be a rejection of the proposal.
(6) Notwithstanding any law of — (a) approval or implementation of a proposal under subsection (4), including a proposed as it can adapt later under section 187, cannot drop any collateral provided by any person to guarantee the obligations or liability owed by the person affected to any creditor of the person affected except in such manner and to the extent provided for in the proposal; and (b) except as provided in the proposal of each charge, obligation or liability so to those who allocate the security shall be always valid and effective against such person notwithstanding any approval or implementation of the proposal, including the proposal to adapt the way it was then under section 187, or any compromise, arrangement, reorganization or merger related to people affected.
(7) failure to notify the secured creditor any person affected of the creditor secured cannot be menidaksahkan a meeting held under subsection (2) or a resolution passed in the meeting.
(8) for the avoidance of doubt, if the Corporation is secured creditors affected persons, the Corporation shall be entitled to attend and vote at the meeting of secured creditors affected people held by konservator under subsection (2) or section 187.
Implementation of recommendations 186. (1) subject to section 185, 187 and 188, konservator shall give effect to the proposal in accordance with the conditions.
Law Malaysia172 Act 720 (2) Konservator shall — (a) within the period of fourteen days from the date of approval of the proposal by the secured creditors affected person under section 185;
(b) If no secured creditor known to konservator, within fourteen days from the date of approval of the proposal by the Corporation under subsection 184 (4); or (c) within fourteen days from the date of approval of the proposal under section 184 (4), cause to be published in at least two newspapers in Malaysia, one of whom shall be in the national language, the approval of the proposal and the time and place of any creditor of the person affected to check the details of the proposal.
(3) Notwithstanding the provisions of any law or contract, a proposal that is approved or modified under this Act may be exercised, and konservator shall have power to execute and do all such things as are necessary to carry out and implement in full and seberkesannya suggestions or any part of the proposal without the need for any notice to or approval or consent of any shareholder, creditor of the person affected or any other person affected by the proposal or approval or confirmation by the Court , and any notice, approval, consent or such confirmation, whether required under any law, contract or otherwise, shall be deemed to have been given or available accordingly.
(4) where any part of the assets of the person affected is subject to the secured creditor or any other person and a proposal has been approved under this Act, konservator reserves the right to manage such assets in the manner set out in the proposal.
(5) Konservator shall use all revenue realised in the implementation of the proposal in the manner set out in the proposal.
Malaysia Deposit Insurance Corporation 173 (6) If a konservator transfer of assets or liabilities in accordance with a proposal, then the assets shall be dipindahmilikkan and vest on, and liability shall be dipindahmilikkan to and become a liability, the recipient of the transfer, in the case of any particular asset if the proposal direct so, from any charges, caveat or other encumbrances.
(7) Notwithstanding anything to the contrary in any law, the Corporation or its subsidiaries may acquire any asset or security can market issued by, people were affected.
(8) Notwithstanding anything to the contrary in any law, konservator shall have power to do all things necessary to give effect to and to implement the recommendations approved in accordance with section 184 and 185 or modified pursuant to section 187.
(9) If a proposal to give effect to the share capital of the person affected, konservator shall, within fourteen days after the proposal has been approved in accordance with this section, notify the Registrar of companies on how the proposals affect the share capital of the person affected.
(10) a notice under subsection (9) shall be in such form as may be prescribed under the companies Act 1965.
(11) when a notice submitted under subsection (9), all the requirements under the companies Act 1965 or any other laws that apply to changes in share capital a person affected shall be deemed to have been complied with and, with effect from the date specified in the proposal, those affected share capital shall be as specified in the notice.

(12) by delivery of the notice under subsection (9), the details shown in the notice shall be deemed to replace the item or equivalent in the constituent document of the person affected.
Law Malaysia174 Act Modification to the proposed 720 187. (1) Konservator may at any time after — (a) the proposal is approved by creditors secured people affected under section 185; or (b) If no secured creditor known to konservator, approval the proposal by the Corporation under subsection 184 (4), propose modifications to the proposal.
(2) if the Corporation is of the view that the proposed modification does not differ substantially from the proposed creditor secured under subsection (1), the Corporation shall decide on the need to convene a meeting of creditors to consider the proposal secured modification of a proposed.
(3) the decision of the Corporation under subsection (2) shall be final, conclusive and binding konservator, people were affected, all the shareholders and creditors of the person affected and others affected by the proposal whether the person has knowledge or notice of a proposal to adapt to it.
(4) if the Corporation decided that it was necessary to convene a meeting of secured creditors to consider the proposed modification, the Corporation shall by notice in writing notify the konservator evacuations for the holding of the meeting.
(5) Konservator shall, within sixty days from the date of receipt of the notice from the Corporation or any longer period as may be specified by the Corporation in the notice, to hold a meeting.
(6) Konservator shall, prior to a meeting held under subsection (5), send by registered post prepaid or by any other means specified under this Act to the last known address of each secured creditors known konservator — (a) a copy of the proposed modifications;
Perbadanan Insurans Deposit Malaysia 175 (b) if appropriate, a Corporation described the memorandum from the Corporation stating any matter which in the opinion of the Corporation should be taken into account by the creditor secured in considering the proposed modification; and (c) a notice of secured creditors for modifications proposed in this section.
(7) the secured creditor's Meeting people affected to consider proposed modifications shall be held and conducted in the manner specified in section 185.
(8) without prejudice to section 188, compliance with any conditions of approval imposed by a regulatory body could not be interpreted as a modification to the proposed for the purposes of this section.
Regulatory approval requirements 188. (1) where — (a) the approval of any regulatory bodies are required to implement the proposal; or (b) the approval of any regulatory bodies are required to implement any proposed modification to the proposal, and conditions of approval imposed by the regulatory body, the Corporation may, even secured creditors affected people have agreed with the proposed under paragraph section 185 or 187, direct konservator not to proceed with the proposal or otherwise stop the implementation of the proposal if the Corporation is of the opinion that the conditions for such approval is not in the interest of those affected.
(2) the decision of the Corporation under subsection (1) shall be binding on the person affected, all shareholders and creditors of the affected person and any other person affected by the proposal, whether or not the person has knowledge or notice of the proposal.
Law Malaysia176 Act 720 Rejection or termination of proposed 189. (1) if the Corporation directs konservator not to proceed with the proposal or otherwise discontinue implementation of recommendations under section 188 or the proposal not approved under section 185 or 187, the Corporation may consider other options for management and disposal of assets of the persons affected and may — (a) request for the submission of a proposed konservator new;
(b) cancel the moratorium imposed under section 179; or (c) appoint a replacement konservator.
(2) Notwithstanding subsection (1), the Corporation may at any time terminate the appointment and his administration if a konservator in its opinion the continuation of the Administration will no longer reach the goal specified in subsection 161 (1).
(3) any decision of the Corporation under subsection (1) or (2) shall be final and binding.
Reports on misconduct 190. If an investigation into the business and Affairs of people affected by konservator disclose any fraud, misfeasans or other misconduct relating to sponsorship or establishment of a person affected or in the management of people affected or Affairs, or if there has been any pelesapan or wrong hold any assets belonging to the person affected, konservator shall report fraud, misfeasans or such misconduct to regulatory bodies or relevant enforcement bodies.
191. The validity of the transaction Any payment made, transactions made or any act or other thing done in good faith by, or with the agreement of konservator, is valid and Perbadanan Insurans Deposit Malaysia 177 have effect for the purposes of this Act and shall not void, can cancel or be regarded as an inappropriate priority in liquidation of people affected.
Part X OFFENCES Submit myself as a member institution 192. (1) No person shall submit himself as member institution, or reflect that any liability or the liability of any other person is insured under the deposit insurance system or covered under the protection system takaful and insurance benefits, unless it or any other person that is a member institution.
(2) any person who contravenes subsection (1) commits an offence, and shall, on conviction, to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or both and may, in addition, a daily fine not exceeding fifty thousand dollars for each day the offence continues after conviction.
False statements of 193. Any person who provides, sign, approve or complying in any —

(a) the account, statement, statement, report or other document required to be submitted to the Corporation under this Act which he knows or has reason to believe is false, or contains false or misleading information; or (b) a statement does not show in reasonable information required to be submitted to the Corporation under this Act, commits an offence and shall, on conviction, to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or both and may, in addition, a daily fine not exceeding thirty thousand dollars for each day the offence continues after conviction.
Law Malaysia178 Act 720 does not give information, etc.
194. every member institution that isn't or of negligence — (a) within the time specified for doing so, to give the Corporation any account, record, statement, statement, report or other document in respect of the arrangement or the Affairs of a member institution that is required to be submitted to the Corporation under this Act; or (b) to respond, within the time specified in the notice, to a request for information or an explanation in respect of a member institution that is made by or on behalf of the Corporation under this Act, commits an offence and shall, on conviction, to a fine not exceeding one million dollars or to imprisonment for a term not exceeding one year or both and may, in addition , the daily fine not exceeding ten thousand dollars for each day the offence continues after conviction.
General offences 195. Unless otherwise provided for in this Act, any person, other than the Corporation and directors, officers and employees, that is guilty of an offence under this Act, or who contravenes or fails to comply with any provision of this Act or any determination or requirement made, or such order in writing instruction, direction, or notice given, or any limitations, terms, conditions or restrictions imposed , or any other thing whatsoever how to do, in exercise of any power conferred under or by virtue of, according to, any provision of this Act commits an offence and shall, on conviction — (a) in the case of a natural person, to a fine not exceeding five hundred thousand dollars or to imprisonment for a term not exceeding six months or both and may, in addition, a daily fine not exceeding five thousand dollars for each day the offence continues after conviction; or (b) in any other case, to a fine not exceeding one million dollars.
Malaysia Deposit Insurance Corporation 179 offences by body corporate or unincorporated bodies or by the directors, officers, guards, etc.
196. (1) where an offence has been committed by any body corporate or unincorporated body under this Act, any person who at the time of the offence committed is a Director, officer or controller of the body corporate or unincorporated bodies or purporting to act on any such property, or has in any manner or to any extent be held responsible for the conduct of any business or for any asset management , liability or the Affairs of the Corporation or unincorporated body, or helped in such management, committed such offence unless he proves that the offence was committed without the consent or pembiarannya and that he has undertaken every effort to prevent the occurrence of the offence as he ought to have it undertook, with regard to the type of functions on the property and to all the circumstances.
(2) if any person (referred to in this section as the "principal") shall be liable under this Act for any penalty or penalties for any act, omission, neglect or default, he shall be liable to the same punishment or penalty for every act, omission, neglect or default of such work carried out by any clerks, servants or agents, or by clerks or servants of the agent.
(3) subsection (2) shall apply if the Act, omission, neglect or default that was done by clerks or servants of the principal in carrying out his work, or by the agent while acting on behalf of the principal, or by clerks or servants of the agent in carrying out its work with the agent or otherwise on behalf of the agent.
(4) for the purposes of this section, "guard" means a person who has acquired an approval of the Minister under the Financial Services Act 88 section 2013 or section 100 Islamic financial services Act 2013.
Law Malaysia180 Act 720 Power Corporation to compound the offence of 197. (1) the Corporation, with the consent of the public prosecutor in writing, may in the case of a personal fit and proper to do so, compound any offence committed by any person is punishable under this Act, by making an offer in writing to that person to compound the offence to pay to the Corporation within the time specified in the offer such sums of money as may be specified in the offer which shall not exceed fifty per cent of the amount of the maximum fine , including daily fines, if any, in the case of a continuing offence, which will apply to that person if he or she has been convicted of the offence.
(2) any money paid to the Corporation in accordance with the provisions of subsection (1) shall be paid into and form part of the consolidated fund.
(3) an offer under subsection (1) may be made at any time after the offence committed but before any prosecution for him started, and if the amount specified in the offer is not paid within the time specified in the offer, or any extension of time granted by the Corporation, a prosecution for the offence may be commenced at any time after that to the person to whom the offer is made.
(4) If an offence has been compounded under subsection (1), no prosecution can then started in respect of the offence against a person to whom an offer to compound is made.
The Court may order compliance with 198. If a person has been convicted of an offence under this Act, the Court may, in addition to any fine or term of imprisonment that is imposed, order the person to meremedi violations of this Act in respect of which that person has been convicted.

Malaysia Deposit Insurance Corporation 181 199 additional financial Penalties. If a person has been convicted of an offence under this Act, the Court may, if it is satisfied that as a result of the Commission of the offence the person convicted is acquiring a financial interest or that an economic benefits have accrued to that person, order the convicted person to pay, notwithstanding the maximum amount of any fine otherwise applicable under this Act , an additional fine in an amount equal to the Court's estimation of the amount of the economic benefits.
Compliance order or restriction of 200. If a person fails to comply with any provision of this Act that apply in respect of that person, the Corporation may apply to the High Court for an order directing that person to conform to or block that person from acting in breach of that provision and, on such application, the Court may so order and make any further order that it thinks fit.
Retrieves a fine 201. All fines payable under this Act shall be recovered and enforced, with costs, on a suit by the Corporation, by the Corporation and, when recovered, shall be paid into and form part of the consolidated fund.
Part XI GENERAL PROVISIONS Forwarding information to the Corporation 202. (1) unless expressly otherwise provided in this Act, if, for the purposes of the exercise of any of its powers, the implementation of any of its functions, or the discharge of any of his duties, under this Act, the Corporation requires any law Malaysia182 Act 720 information from a member institution or of any corporation related to a member institution, as to any matter relating to the business or Affairs of the member institution or any related corporation of the , the member institution or any related corporation shall, notwithstanding any of the provisions of the Financial Services Act 2013 or Islamic financial services Act 2013, submit the information to the Corporation.
(2) any officer or agent of the member institution or any related corporation or any other person who has access or hold or own the books, records, accounts or other documents at a member institution or corporation shall, if at any time requested in writing by the Corporation to do so, produce books, records, accounts or other documents to the Corporation as required.
(3) if information obtained by the Corporation under subsection (1) or (2) relates to an account, business or Affairs of any client of any of the member institution or any related corporation that supplies information, then the information shall be secret between the Corporation with the member institution or any related corporation that supply it.
(4) any person who fails to comply with any requirement under this section commits an offence and shall, on conviction, to a fine not exceeding three million dollars and may, in addition, a daily fine not exceeding thirty thousand dollars for each day the offence continues after conviction.
Submission of information to Bank Negara Malaysia 203. Bank Negara Malaysia reserves the right to all information obtained by or submitted to the Corporation, either while performing an inspection, scrutiny or otherwise, in respect of the business and Affairs of the member institution or any related corporation or affiliated with it or any person dealing with the member institution or any related corporation or associated with it, in relation to safety and soundness or operation , the member institution.
Malaysia Deposit Insurance Corporation 183 non Actuary 203a. (1) If, for the purpose of exercising any of the powers of the Corporation under Division VII in respect of a member insurer or payment made under section 3 of part V, describing it as proper for the Corporation value liability in respect of the takaful certificate or policy of insurance a member insurer is determined, the Corporation may appoint an independent actuary to determine that value.
(2) an individual may not be appointed as an independent actuary unless he meets any requirements or have any qualifications stated in any standard as determined by the Central Bank.
(3) any officer, Auditor, recipient, Manager, receiver and Manager, a liquidator or an agent, now or in the past, for the takaful operator or the insurer concerned or any other person shall give to a non actuary any documents, materials, information or explanations as non actuary considers should be considered in determining the value of liabilities in respect of the takaful certificate or policy of insurance, the insurer's members.
(4) the value of liability in respect of the takaful certificate or policy of insurance of the insurer's members as may be determined by an independent actuary shall be final and binding.
(5) the cost of non actuary, including his remuneration as may be approved by the Corporation, shall be borne by the insurer and in the event there is any default of payment by the insurer, shall be payable with the same priority and of equal priority debt referred to in subsection 142a (3) and paragraph 142B (2) (c).
Intention to wind up 204 member institution. (1) a member institution shall not be wound-up on a voluntary basis without prior written approval of Bank Negara Malaysia.
(2) no application to roll a member institution can be made to the High Court by any person, other than the Corporation, without the prior written approval of Bank Negara Malaysia.
Law Malaysia184 Act 720 (3) of this section apply to a former member institution that his membership was revoked or terminated under this Act.
Judicial notice 205. The Court shall take judicial notice of — (a) any fact or matter required to be published under this Act; and (b) any fact or matter as may be specified in such certificate or instrument issued under this Act.
206. The winding up of the Corporation There are no written law relating to the insolvency or winding up of any body corporate applies to a corporation and in any State of the business and Affairs of the Corporation cannot be wound-up.
The immunity

207. (1) No action, suit, prosecution or proceeding of any whatsoever, may be made or brought, instituted or maintained in any court, tribunal or before any other authority of — (a) the Government of Malaysia or the Government of a State;
(b) the Minister;
(c) the Corporation;
(d) Bank Negara Malaysia;
(e) any Director, officer or employee of any Government, Corporation or Bank Negara Malaysia, whether personally or on the nature of the official;
(f) any person appointed under paragraph 99 (1) (c), any recipient, Manager, receiver and Manager, Perbadanan Insurans Deposit Malaysia 185 or liquidator appointed konservator pursuant to this Act, the Committee of Appraisers or any member of the Committee of Appraisers;
(g) any Director, officer or employee of an intermediate institution or any wholly-owned subsidiary of the Corporation; or (h) any person acting legally on behalf of any Government, Corporation, Bank Negara Malaysia or any Director, officer or employee, whether personally or on its properties as a person acting on behalf of such, for or by reason of, or in connection with, any act done or statements made or left already than done or made, or purporting to be made or made to or left than done or made , pursuant to or in furtherance of, or obedience or intended execution against this Act, or any order in writing instruction, direction, notice or any other matter whatsoever issued under this Act: provided that the acts or statements that have been made or done, or omitted than done or made in good faith.
(2) an act or statement referred to in the proviso to subsection (1) shall be deemed, unless the contrary is proved, as done or made, or left than done or made in good faith.
(3) in any case but subject to subsection (4), any action, suit or proceeding by any person under this Act is limited to a claim for damages only for any loss suffered by that person.
(4) for the avoidance of doubt – (a) Notwithstanding any action, suit or proceeding referred to in subsection (3), any person referred to in paragraph (1) (a) to (h) shall continue to exercise any or all of its powers under this Act or otherwise; and the law Malaysia186 720 Act (b) a person whose claim has been incurring any loss in respect of any matter specified by the Committee of Appraisers under the first schedule should first spend all remedinya under the Table First before starting any action, suit or other proceeding in respect of the claim.
(5) for the purposes of this section, any member of the administration of the Government of Malaysia or the Government of a State shall be deemed to be an officer of the Government.
(6) Nothing in subsection (1) shall be construed as releasing Corporation from the obligation to make payment in respect of a deposit insured or takaful benefits or insurance covered under this Act.
Exemption from liability 207a. None of the directors of a member institution may be liable to be sued in any court or before any other authority as unable to discharge its duties under subsection 132 (1) of the companies Act 1965 relating to any acts necessary for — (a) the transfer of business, assets and liabilities of the member institution;
(b) transfer of shares and capital instruments the member institution; and (c) the transfer of warrants or other instruments, issued by a member institution, which entitle the holder to acquire shares in member institutions, in the exercise of any power under this Act.
Application and other Act disapplication of 208. (1) subject to section 207, Public authorities Protection Act 1948 [Act 198] shall apply to any action, suit, prosecution or proceeding against the Corporation or any Director, officer or employee of the Corporation in respect of any act or omission, made or done by him on its official nature.
Malaysia Deposit Insurance Corporation 187 (2) the moneylenders Act 1951 [Act 400] shall not apply to the Corporation.
The power to make regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or note 209. (1) the Corporation may make — (a) with the approval of the Minister, any regulations, rules or orders; or (b) the by-laws, notifications, instructions, guidelines, circulars or notes, as may be necessary or expedient to implement fully the provisions of this Act, to perform or achieve the goals and purposes of this Act, or any of its provisions, or to implement the provisions of this Act further, with better or easier.
(2) any regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or notes made under this section may relate to all, or any class, category or description of people and different provision may be made for people, class, category or description of different people.
(3) without prejudice to the generality of subsection (1), regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or notes may be made in respect of — (a) the form, including the notification form, notice and certification, for the purposes of this Act;
(b) conduct, business and Affairs of the Corporation;
(c) the deposit of Trustees, co-owner or business or professional practice;
(d) protection of deposits, payments in respect of insured deposits and related matters regarding the following: (i) if liability deposits a deposit-taking members transferred to and taken over by other deposit-taking members;
Law Malaysia188 Act 720 (ii) liabilities to the deposit with a deposit-taking members are obtained by a person who is not a deposit-taking members; or (iii) in connection with a bank draft, cheque or other payment instrument such payment order or instruction or explanation;
(e) priority payment categories different Islamic deposit;
(ea) determination and classification of the assets available and use of the proceeds of disposal in relation to different Islamic deposit category;
(f) (Cut by the Act A1505);
(g) the return or interest payable under subsubperenggan 3 (10) (j) the third schedule;

(h) protection insurance, takaful benefits or costs in respect of benefits covered and connected, if the liability of the takaful certificate or policy of insurance a member insurer is transferred to and assumed by members of the other insurers;
(i) dividing the family benefits or General takaful different types to different categories and set a priority costs between the different categories of the takaful benefits;
(j) determine the date and the rate of conversion into Ringgit for the purpose of making payments under part IV in respect of the foreign currency deposits of the insured person;
(k) the form, the method and procedure for compounding; and (l) anything under this Act that are required or permitted to be made as regulations, rules, orders, by-laws, notifications, instructions, guidelines, circulars or note.
(4) any regulations or orders made under this section shall be published in the Gazette and shall be laid before the House of Commons as soon as reasonably practicable after its transmission.
Malaysia Deposit Insurance Corporation 189 part XII REPEAL, SAVINGS and TRANSITIONAL repeal of 210. Malaysia Deposit Insurance Corporation Act 2005 repealed.
Savings and transitional 211. Notwithstanding the repeal of the Akta Perbadanan Insurans Deposit Malaysia 2005 under section 210 — (a) all the directors of the Corporation and Chief Executive officer holding office under the repealed Act immediately before the coming into operation of this Act shall be deemed to have been appointed under this Act and shall continue to hold office for the term of Office of their respective outstanding expiry under the repealed Act at the time the Act repealed under section 210;
(b) the Islamic deposit insurance fund and the deposit insurance fund conventional maintained and administered by the Corporation under the repealed Act shall be deemed to have been and continue to be maintained and administered by the Corporation under this Act;
(c) subsidiary legislation and any approval, instructions, decisions, exemptions, recommendations, determinations, notices and act or other thing issued, made or done under the repealed Act and in force or has the effect of immediately before the coming into operation of this Act, shall be deemed to have been made or done under a corresponding provision of this Act, and shall continue to have effect and the full effects in relation to the person to whom it is applicable until amended or replaced;
(d) all transactions, transactions, contracts, power of attorney or arrangement executed or made according to law and all done according to the law, under the repealed Act or by any other person shall be deemed to have been executed, made or done the law Malaysia190 720 Act according to law and legally, under or pursuant to this Act, and thereby , any right or liability under transactions, transaction or business that existed immediately before the commencement of this Act, shall be deemed to continue to be in accordance with the law and valid under this Act;
(e) no whatsoever affecting the liability of any person to be fined, prosecuted or sentenced for any breach or offence committed under the repealed Act immediately before the coming into operation of this Act;
(f) any deed issued or executed legally under the repealed Act shall be deemed to have been issued or executed according to law and legally under or pursuant to this Act;
(g) any other movable property, immovable property and assets purchased, acquired, leased or held by the Corporation under the repealed Act shall be deemed to have been purchased, acquired, leased or held under or pursuant to this Act;
(h) any reference to the repealed Act in any written law shall be construed as a reference to this Act and any mention of any specific provisions of the acts repealed in any written law shall be construed as a reference to the provisions of this Act that is virtually equivalent to the provisions thereof;
(i) any act required to be done under the repealed Act shall be deemed to be required to be done under or pursuant to this Act;
(j) any right, interest, privilege, obligation or liability acquired, accrued or incurred under the repealed Act, including any obligation to preserve secrecy, are not affected by this Act and shall remain in force and have full effect; Malaysia Deposit Insurance Corporation and 191 (k) all act or thing done by the repealed Act shall be deemed to have been made in accordance with this Act and accordingly, shall continue to be valid under this Act.
Certain fund transfers from Bank Negara Malaysia 212. On a date determined by the Minister on the recommendation of the Corporation and Bank Negara Malaysia, money and any other assets that are within the credit guarantee scheme Fund general insurance and life established under section 173 of the Insurance Act 1996 must be transferred by Bank Negara Malaysia to the Corporation and credited simultaneously by the Corporation to fund the protection of general insurance and life insurance protection fund.
* NOTE — see section 96 the Akta Perbadanan Insurans Deposit Malaysia (Amendment) 2016 [Act A1505] m.b. p 8 March 2016 which gives provisions for exclusion as follows: "the provisions of exclusion of 96. (1) all reference to premiums paid or payable by the insurer to the Corporation in any written law shall, on the commencement of this Act, be deemed to be a reference to levi.
(2) all reference to "takaful family unity" in any written law shall, on the commencement of this Act, be deemed to be a reference to "family takaful".
(3) Notwithstanding any change of name in this Act, of the family unity of takaful takaful family and of family unity to the takaful certificate takaful certificate family, protection to the extent given to benefit any takaful under the principal Act shall continue to have effect and be in force.

(4) the amendments in sections 2, 3, 13, 14, 17, 44, 45, 46, 47, 48, 49, 50, 51, 57, 58, 59, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 88, 89, 90, 91, 92, 93 and 94 of this act arising from the enforcement of the financial services act 2013 and 2013 Islamic financial services Act are to be read together with the provisions of the savings and transitional , as the case may be, provided for in the financial services act 2013 and 2013 Islamic financial services Act.
(5) any act, matter or proceeding, whether civil or criminal, or an appeal pending or existing, under the amended section immediately before the coming into operation of this Act, may be continued under the principal act as if the principal Act not amended. "
Law Malaysia192 Act 720 first schedule [section 104] COMMITTEE APPRAISERS Interpretation 1. In section 104 and this schedule — "consideration", in relation to the transfer of shares referred to in paragraph 99 (1) (ga), means a net amount paid or payable to pemindah in respect of shares issued by a member institution that has been transferred pursuant to an order of transfer issued under section 128B barcode;
"transaction price" means the net consideration received or receivable by a member institution in respect of any assets of the member institution is considered by the Corporation as substantial or any business member institution that has been sold or otherwise disposed of, either by an instrument of transfer or more or any other means, while the Corporation or person appointed is in control under paragraph 99 (1) (c) , and if assets or business member institutions have been sold or otherwise disposed of in two or more transactions, means the aggregate of the net replies.
"member institution" means a member institution acquired control by the Corporation or the person appointed under paragraph 99 (1) (c) or a member institution who share subject to a transfer under paragraph 99 (1) (ga);
"compensation" means a net amount paid or payable to a person his rights eliminated under paragraph 128B barcode (7) (b);
"shareholders against" means shareholders a member institution, whether singly or collectively in the aggregate not less than ten per cent of the issued and paid-up capital of member institutions, at a time determined by the Corporation in the notice issued under subparagraph 2 (1);
"pemindah" has the same meaning as defined under section 128a;
"creditors oppose" means a creditor of a member institution, whether singly or collectively in the aggregate not less than ten per cent of the outstanding debt that is liquid and unsecured member institutions based on the records of the member institution, at the time determined by the Corporation in the notice issued under subparagraph 2 (1);
"transferee" have the same meaning as defined under section 128a;
Perbadanan Insurans Deposit Malaysia 193 "order of transfer" have the same meaning as defined under section 128a;
"shares" shall, except for subparagraph 4 (3), including the instrument of capital, warrants and rights under any other instrument issued by a member institution that entitles the holder to acquire shares in the member institutions.
Notice of transactions 2. (1) if any of the assets of the member institution deems the Corporation as substantial or any business member institutions have been sold or otherwise disposed of, either by an instrument of transfer or more or any other way and either in one or more transactions (in this schedule referred to collectively as "the transaction"), when the Corporation or person appointed is in control under paragraph 99 (1) (c) , The Corporation or the person appointed shall give notice of the sale or other disposal on a date determined by the Corporation, after the transaction is considered the Corporation as having been completed substantially, in at least two newspapers published in Malaysia, one of whom shall be in the national language.
(2) the notice under subparagraph (1) shall — (a) state the price of the transaction or describes how transaction prices will be calculated; and (b) stating that — (i) if the member institution is in liquidation, the liquidator may, not more than ninety days from the date the notice referred to in subparagraph (1), apply in writing to the Corporation for a review by the Committee of Appraisers about the reasonableness of the price of the transaction or the distribution and use of transaction price, or both; or (ii) if the member institution is not in liquidation — (A) the creditor against possible, not more than twenty one days from the date the notice referred to in subparagraph (1), apply in writing to the Corporation for a review by the Committee of Appraisers about the reasonableness of the price of the transaction or the distribution and use of transaction price, or both; and (B) where no application is made by the creditor against the period of time specified in subsubsubsubperenggan (A), against the shareholder shall, not more than two law Malaysia194 Act 720 thirty days after that period, apply in writing to the Corporation for a review by the Committee of Appraisers about the reasonableness of the price of the transaction.
(3) an application under subsubperenggan (2) (b) shall be in the form determined by the Corporation.
Notice the order of transfer of 2a. (1) notice of the order of transactions referred to in paragraph 128B barcode (3) (b) shall — (a) state the consideration, if any;
(b) state the compensation, if any; and (c) determine that a pemindah or someone deleted his rights under paragraph 128B barcode (7) (b), as the case may be, may within twenty-one days from the date of publication of the notice, apply in writing to the Corporation to ask for a review by the Committee of Appraisers about the reasonableness consideration or compensation.
(2) an application under subsubperenggan (1) (c) shall be in such form as may be determined by the Corporation.
A review by the Committee of Appraisers 3. (1) if the Corporation receives an application referred to in subsubperenggan 2 (2) (b) or subsubperenggan 2a (1) (c), it shall, within a reasonable time to establish a Committee of appraisers and refer the application to the Committee.

(2) a Committee of Appraisers shall consist of three members selected from a panel that contains ten persons appointed by the Minister.
(3) the person appointed to the panel are qualified and capable of carrying out the functions of the Committee of Appraisers, each person have at least fifteen years experience in auditing, accounting or financial assessment, and the panel shall include at least the following: (a) a company auditor or liquidator approved under the companies Act 1965;
(b) an accountant who has professional qualifications; and (c) an assessor who has professional qualifications.
Malaysia Deposit Insurance Corporation 195 (4) the following persons are not eligible to be appointed to the panel: (a) a corporation;
(b) a bankrupt has not past;
(c) a chargee or mortgagee of any assets of the member institution;
(d) an auditor member institutions; or (e) an officer of the member institution.
(5) no action or proceeding Committee Appraisers be void merely by reason of — (a) any defect in the composition of the Committee of Appraisers; or (b) any omission, defect or ketidakteraturan in the proceedings of the Committee Appraisers.
Authority the Committee Appraisers with respect to the review of the transaction price 4. (1) when an application referred to the Committee of Appraisers under subparagraph 3 (1) in respect of a review of the reasonableness of the price of the transaction, it shall review the reasonableness of the price of the transaction or the distribution and use of transaction price, or both-each, according to the request in the application.
(2) in reviewing the reasonableness of the price of the transaction, the Appraisers shall take into account the following matters: (a) any matter that it considers relevant, including the fact that a notice referred to in paragraph 2 has been issued; and (b) the market conditions that apply to the sale or disposal of assets or business in a receipt or winding up, and in all circumstances it shall reject 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) Notwithstanding subparagraph (2), if an application is made by shareholders against and the Appraisers are of the opinion the member institution is insolvent, the fact that the net consideration received is not enough to result in any costs to the shareholders and does not have anything at all from the distributed NET replies and is used to share the member institution is deemed reasonable in conclusive.
Law Malaysia196 720 Act (4) if the Committee Appraisers decided that — (a) the price of the transaction is lower than the price which in his opinion is reasonable consideration for the assets or business of that (in this subparagraph referred to as "reasonable prices"), it shall advise the Corporation to pay to the member institution that the difference between the price of the transaction with reasonable price and the Corporation shall within such period as determined by the Committee of Appraisers pay the difference to the member institution; or (b) the price of the transaction is reasonable price in its opinion, it shall advise the Corporation accordingly.
(5) in reviewing the transaction, price distribution Committee Appraisers shall decide whether the price of the transaction was or will be distributed among the creditors the member institution in accordance with the order of priority and extent the same as if an asset or business that is not sold or otherwise disposed of by the Corporation or a person appointed and otherwise the member institution has been wound-up as a whole and all of its assets are sold or otherwise disposed of for cash.
(6) if the Committee Appraisers decided that — (a) the price of the transaction has not been or will not be distributed and used in the manner described in subparagraph (5), it shall advise the Corporation to pay the amount in question to the member institution or take any other measures to produce the same results as if the price of the transaction was or will be distributed and used in the manner described in subparagraph (5) and the Corporation shall do so within such period as determined by the Committee of Appraisers; or (b) the price of the transaction was or will be distributed and used in the manner described in subparagraph (5), it shall advise the Corporation accordingly.
(7) if the Committee decides that Appraisers are fair and reasonable if flowers or other returns paid on an amount due under subsubperenggan (4) (a) or subsubperenggan (6) (a), the flower or the returns shall be paid by the Corporation at a rate or in an amount decided by the Committee of Appraisers to be fair and reasonable in any period determined by the Committee of Appraisers.
(8) if the Committee decides that Appraisers are fair and reasonable if the cost of proceedings before the Committee awarded to Appraisers one party against the other proceedings, the amount determined by the Committee of Appraisers is as fair and reasonable to awarded to a party in respect of the cost shall be paid by the other party in such period as determined by the Committee of Appraisers.
Malaysia Deposit Insurance Corporation 197 (9) Committee of Appraisers must solve the applications referred to it under subparagraph 3 (1) within three months from the date of reference is made to the Committee of Appraisers or any other period approved by the Minister.
(10) a certificate signed by three Committee members Appraisers confirming any decision of the Committee Appraisers shall be conclusive evidence for the decision.
(11) if the price of the transaction was paid or payable by an intermediate institution, the Corporation may determine any obligation of the Corporation under subparagraph (4), (6), (7) or (8) which shall be carried out by the intermediate institution, as a whole or in part, in place and replace the Corporation.
Authority the Committee Appraisers with respect to review of the consideration or compensation 4a. (1) when an application referred to the Committee of Appraisers under subparagraph 3 (1) in respect of a review of the reasonableness of the consideration or compensation, the Committee shall review the reasonableness of Appraisers consideration or compensation in accordance with the request contained in the application.

(2) in reviewing the reasonableness consideration or compensation, the Appraisers shall take into account — (a) any matter considered by the Committee of Appraisers as including the fact that the order of transactions has been issued; and (b) the market conditions that apply to the sale or disposal of such shares issued by member institutions, and in all circumstances the Committee Appraisers shall refuse the benefit value obtained from any special financial assistance provided, directly or indirectly, to the member institution by the Corporation or Bank Negara Malaysia.
(3) where the Committee Appraisers decided that — (a) the consideration is lower than the amount which in his opinion is a reasonable amount for shares transferred (in this subparagraph referred to as "reasonable amount"), the Committee shall advise the Corporation so that Appraisers pay to pemindah the difference between the return by the amount reasonable and the Corporation shall within such period as determined by the Committee of Appraisers pay the difference to the pemindah; or (b) the consideration which in his opinion is a reasonable amount, the Committee shall advise the appropriate Appraisers Corporation.
Law Malaysia198 720 Act (4) if the Committee Appraisers decided that — (a) the compensation is lower than the amount which in his opinion is a reasonable amount for rights eliminated under paragraph 128B barcode (7) (b) (in this subparagraph referred to as "reasonable amount"), the Committee of Appraisers shall advise Corporations to pay someone who deleted his rights under paragraph 128B barcode (7) (b) the difference between the compensation amounts are reasonable and the Corporation shall within such period as determined by the Committee of Appraisers pay the difference to the person the; or (b) compensation which in his opinion is a reasonable amount, the Committee shall advise the appropriate Appraisers Corporation.
(5) for the avoidance of doubt, the Committee may decide that the Appraiser is reasonable there consideration offered or due to pemindah or no compensation offered or due to people its rights eliminated under paragraph 128B barcode (7) (b).
(6) if the Committee decides that Appraisers are fair and reasonable if flowers or other returns paid on an amount due under subsubperenggan (3) (a) or (4) (a), the flower or the returns shall be paid by the Corporation at a rate or in an amount decided by the Committee of Appraisers to be fair and reasonable in any period determined by the Committee of Appraisers.
(7) if the Committee Appraisers decided that is fair and reasonable that the costs of the proceedings before the Committee awarded to Appraisers one party against the other party, the amount determined by the Committee of Appraisers is as fair and reasonable to awarded to a party in respect of the cost shall be paid by the other party in such period as determined by the Committee of Appraisers.
(8) the Committee of Appraisers shall resolve applications referred to it under subparagraph 3 (1) within three months from the date of referral to the Committee of Appraisers or any other period approved by the Minister.
(9) a certificate signed by three Committee members Appraisers confirming any decision of the Committee Appraisers shall be conclusive evidence for the decision.
The applicant is notified of the decision of the Committee of Appraisers 5. The Corporation shall as soon as practicable inform the applicant about the decision of the Committee Appraisers under subparagraph 4 (9).
Honorarium and allowances 6. Appraisers appointed under subparagraph 3 (1) shall be paid such honorarium and allowances as determined by the Board.
Malaysia Deposit Insurance Corporation 199 second schedule [Subsection 99 (5), 115 (6) and 180 (5)] the TRANSFER of ASSETS and LIABILITIES Interpretation 1. (1) in this schedule, unless the context otherwise requires — "registered interest" means any right or interest in — (a) a charge made by a company and be registered under the companies Act 1965 and registered as appropriate in accordance with the relevant provisions of the Act; or (b) duly registered land under the Strata Title Act 1985 [Act 318], the national land code, the Land Ordinance of Sabah or Sarawak land code;
"the importance of land" means — (a) any interest on the land, whether registered or to be registered, including interest for which the Strata Title Act 1985 applies and that can be dipindahmilikkan under part Fourteen national land code or the Sabah Land Ordinance part V or part VI of the Sarawak land code;
(b) any lien holder of the caveat or other caveat; or (c) any right or other qualifications relating to land;
"pemindah" and "transferee" means the respective specified in an instrument transactions;
"the company obligations" means any person who owes a duty or obligation in any form, whether present or future and whether vested or contingent, to someone pemindah, including someone the company obligations under an Islamic finance, credit facilities, conventional mortgage or other rights in action;
"instrument of transfer" means a certificate issued by a corporation under paragraph 2 and includes an instrument replacement transactions issued under paragraph 4;
"the date of the transfer" means the date specified in an instrument of transfer as the effective date of the transfer of an asset or liability.
(2) a reference to "liability" in this table means the whole or any part of the liability is transferred through an instrument transactions.
Law Malaysia200 Act 720 (3) for the avoidance of doubt, if only a part of the liabilities transferred, the provisions of this schedule and the impact of the transfer, including the instrument of transfer, shall in respect of the transferred liability section only.
Instrument of transfer 2. (1) if the Corporation intends to transfer any assets or liabilities in accordance with the provisions of this schedule, the Corporation shall issue an instrument of transfer in accordance with this schedule.
(2) for the avoidance of doubt, the Corporation may issue an instrument of transfer in respect of any eligible financial agreement.

(3) Notwithstanding any other law or any of the tenets of the law or agreement, an instrument of transfer shall have effect in accordance with the provisions of this schedule and shall be binding on any person affected with it.
(4) an instrument of transfer may be in such form as may be determined by the Corporation.
(5) an instrument of transfer shall be issued under the seal of the Corporation or facsimile seal of the Corporation.
(6) an instrument of transfer shall be issued by the Corporation prior to, on or after the date of the transactions.
The effect of instrument transactions 3. (1) where an asset is transferred under an instrument of transfer of — (a) in the case where the assets are held in single by pemindah immediately before the date of the transfer, the assets shall on and from the date of the transfer of vested in the recipient transfers; and (b) in the case where the assets are held in association by pemindah and another person immediately before the date of the transfer, the assets shall on and from the date of the transfer of vested in the transferee in association with one other.
(2) the transferee shall, on and from the date of the transfer of an asset, earned and vested with all rights, title and interest pemindah about, present and future, and duties in respect of the assets, free from any encumbrances, except any registered interest applicable at the date of transactions.
(3) an instrument of transfer stating that an asset or liability is transferred to the transferee be conclusive evidence of the transfer on the date specified in the instrument that transfers as the date of transactions.
Malaysia Deposit Insurance Corporation 201 (4) no provision in any law including civil law Act 1956 [Act 67], pillars of the law or an agreement which restrict or prohibit the right pemindah or require any consent to assign, sell, dispose of or transfer can be applicable or have any effect with regard to transfer to or acquisition by the transferee. (5) where the assets transferred under an instrument of transfer is an Islamic financing facilities or conventional credit facility, the transferee is deemed to have provided funding, advances, loans or other transactions or facilities or provide even funding, advances, loans, or other transaction facilities or guarantees that have been given, used or produced by pemindah.
(6) if the collateral for an Islamic financing facilities or conventional credit transferred under an instrument transactions including a share — (a) for the purpose of paragraph 6a (9) (b) of the companies Act 1965, transferee, be deemed to hold a stake of shares only through security for the purposes of a transaction made in the course of ordinary business related to the borrowing of money; and (b) the interest of the transferee in the share shall be ignored for the purposes of section 6a of the companies Act 1965.
(7) subject to subparagraph (8), in respect of a liability transferred under an instrument of transfer of — (a) the transferee is deemed to have taken over the liability; and (b) pemindah released and discharged from liability and the transferee liable, rather than pemindah, to release liability.
(8) subparagraph (7) shall not apply to an acquisition by the transferee will part only liabilities not insured or covered by the Corporation under this Act.
(9) for the avoidance of doubt, if only part of the liabilities transferred under an instrument of transfer of — (a) section remaining liabilities remaining is not taken over by the transferee; and (b) pemindah is not released or discharged from liability.
(10) in relation to an asset or liability is transferred under an instrument of transfer of — (a) an agreement or an existing instrument, whether in the form of law Malaysia202 Act 720 a deed, a will or otherwise, or order of any court, which under or pursuant to its powers, pemindah has a title or ownership of or rights to interests of the asset, shall be construed and have effect as if any reference in it about pemindah has been replaced with a reference to the recipients of transfers;
(b) an existing agreement under which pemindah is a party shall have effect as if the transferee be a party under it rather than pemindah;
(c) an indication, direction, mandate, power of Attorney, authority, undertaking or consent in place, whether in respect of an account or not, which was granted to pemindah, either alone or in association with others, shall have effect, as if given to transferee either alone or in association with others is;
(d) any security held immediately before the date of the transfer by pemindah, or by a nominee or trustee for pemindah, as security for the payment or discharge of any liability of any person, shall be held by the transferee or an authorised nominee or trustee such as nominee or trustee for the transferee, with the same priority as there is at pemindah, and the extent of liability shall be available to the transferee as security for the payment or discharge of that liability , and if any collateral extended to advances or liabilities in the future, it shall be held by and available to the transferee as security for advances or future liabilities to the transferee in the same manner in all respects as future advances or liabilities to pemindah guaranteed immediately before the date of transfer;

(e) in addition to any right, power or remedy other given to transferee in this schedule, the transferee shall have the rights, powers and remedies pemindah (and in particular, the rights and the power to take or resisting legal proceedings or other proceedings or making or resisting applications to any authority) for ascertaining, protect or enforce the rights, title or interest vested in the transferee or against any liability , a claim or registered interest at all times as if it is the right, title, interest or liability of the transferee, including the right, title, interest or liability in connection with any legal proceedings or other proceedings or application to any authority that is pending immediately before the date of the transfer by or against pemindah;
(f) a judgment, award or order obtained by pemindah and is not settled in full before the date of the transfer can be effected by the transferee;
Malaysia Deposit Insurance Corporation 203 (g) no transfer to or acquisition by the transferee will be invalid or may not be valid due to the adoption of any law;
(h) if any — (i) profits or other returns (in this subparagraph referred to as the "return"); or (ii) interest rates, payable under an agreement decided by reference to the cost of funds or the base lending rate or other reference source used by pemindah, or it can no longer be decided as provided in the agreement, return or interest payable under the agreement shall be as prescribed under section 209 or as agreed by the transferee with s being the obligation of the agreement;
(i) If custody any goods, objects or documents held by pemindah as baili immediately before the date of the transactions, goods, objects or the document is deemed to have been transferred to the transferee and pemindah rights and obligations under any contract of bailmen related to goods, objects or documents shall be transferred to the transferee;
(j) a negotiable instrument or payment order the money given to or used or accepted by the pemindah, or payable at the place of business of pemindah, whether provided, used or received before, on or after the date of the transfer, shall have the same effect on and from the date of the transfer, as if it has been given to or used or accepted by the transferee or payable at the place of business of the transferee; and (k) any account between pemindah with its customers shall be the account between the transferee with the customers, subject to the conditions and incidents available until that time, and the account shall be deemed for all purposes as an ongoing account.
(11) a transfer of assets or liabilities under an instrument of transfer may not — (a) be deemed to be placed — (i) the transferee;
(ii) pemindah;
Law Malaysia204 Act 720 (iii) any person who obtains the title of the transferee; or (iv) any other person, in a position of default or a default under any contract or criminal breach of trust;
(b) be considered as giving rise to a right or obligation for any person — (i) terminate, cancel or change an agreement;
(ii) enforce or speed up the implementation of an obligation; or (iii) requires the implementation of an obligation that is not otherwise arise for implementation;
(c) deemed to be put pemindah, transferee or any other person in a position of violating any law, the pillars of law or agreement prohibiting, restricting or regulating the sale, assignment, transfer or disposal of any asset or liability or disclosure of the information;
(d) release a guarantor of an obligation;
(e) menidaksahkan or releasing a contract or security; or (f) considered terminate, cancel or amend any of the rights, privileges, exemptions (including any tax exemption) or priority pemindah reserves the right to him and that by virtue of this schedule has been vested in the transferee or that exists for the benefit pemindah in relation to any asset or liability is transferred to the transferee in accordance with this schedule.
Instrument of transfer of a replacement 4. (1) the Corporation may issue a letter of how new transfers (in this paragraph referred to as "the instrument replacement transactions") to replace any instrument of transfer which have been made previously for the purposes of correct any omission or mistake in the letter how the transfers.
(2) any instrument replacement transactions issued under subparagraph (1) executed under the common seal or the seal of the facsimile of the Corporation, stating that an asset or liability have been transferred to the transferee be conclusive evidence of the transfer at the date of transactions specified in the instrument of transfer of the replacement.
Malaysia Deposit Insurance Corporation 205 (3) where any law stating a time period in which a transfer any assets or liabilities, which are the matter of an instrument of transfer of replacement shall be registered or filed, such period shall commence from the date of the transfer specified in the instrument of transfer of replacement or the date of the instrument of transfer the replacement is issued, whichever is the later.
(4) any act committed by the transferee or any other person, by relying on an instrument of transfer of previously issued shall not be affected by any omission or mistake which was corrected in an instrument replacement transactions.
(5) for the purposes of this Act, any reference to an instrument of transfer shall be deemed to include a reference to an instrument of transfer of a replacement.
An additional allocation of land 5. (1) Notwithstanding the provisions of the national land code, the Land Ordinance of Sabah, Sarawak land code or any other law, any caveat or order of prohibition that has been inserted, indorsed, registered or lodged, before, on or after the date of the transfer shall not prevent the transfer of any interest on the land pemindah to the transferee.
(2) If an instrument of transfer of vesting at transferee any interest on the land —

(a) in Peninsular Malaysia, upon the receipt of — (i) the payment of the prescribed fee; and (ii) the instrument of transfer, the Registrar under the national land code shall, without requiring any further application or filing any document more, make a memorial at the land title registry and make any other posts and generally do all things necessary to give effect to the transactions;
(b) in Sabah, on receipt of — (i) the payment of the prescribed fee; and (ii) the instrument of transfer, the Registrar under the Sabah Land Ordinance shall, without requiring any further application or filing any document more, make a memorial at the land title registry and make any other posts and generally do all things necessary to give effect to the transactions;
Law Malaysia206 Act 720 (c) in Sarawak, upon the receipt of — (i) the payment of the prescribed fee; and (ii) the instrument of transfer, the Registrar under the Sarawak Land Code shall, without requiring any further application or filing any document more, make a memorial at the land title registry and make any other posts and generally do all things necessary to give effect to the transactions;
(3) Notwithstanding any of the provisions of the national land, the Land Ordinance of Sabah, Sarawak land code or any other law, an instrument of transfer of force to the right is an interest on the land at transferee at the date of the transfer and to be conclusive evidence of such transfers.
Other Registrar shall give effect to the instrument of transfer 6. (1) Notwithstanding the provisions of any other law, every Registrar of the Court, the Registrar of companies, the Registrar of ships Malaysia, depositories, depository agents and any person that maintain a register or record of ownership, interest or security (in this paragraph referred to as "the Registrar") shall, upon receipt of — (a) the payment of the prescribed fee; and (b) the instrument of transfer, without requiring any further application or filing any document more, doing everything and make all entries or memorial in any register or records kept by the Registrar as may be necessary to give effect to the transfer of assets related to instrument transactions that.
(2) for the purposes of this paragraph, subsection 112a (1) of the companies Act, 1965 shall be deemed to apply to the transferee as if the word "thirty" in that subsection were replaced with the words "one hundred and eighty".
(3) Notwithstanding any provision of the companies Act 1965 or any other law, an instrument of transfer of force to park right at transferee, any title, interest or security in the assets or to transfer the liability to the transferee, on transfers and be conclusive evidence of the transfer or the transfer.
Perbadanan Insurans Deposit Malaysia 207 Immunity Registrar 7. A person the Registrar or those who maintain a register or records referred to under paragraph 5 or 6 shall not be liable to any person in respect of the manufacture of any memorial or postings at the land title registry or any register or other record with depending on the instrument that transfers.
Automatic replacement in any legal proceedings or the other 8. Notwithstanding the provisions of any other law, every Registrar the Court shall upon receipt of an instrument of transfer of doing everything and make all the entries in any register or records kept by the Registrar as may be necessary to give effect to the automatic replacement in the transferee as the pemindah place in any legal proceedings or the other.
Transfer of assets outside Malaysia 9. (1) an instrument of transfer issued under this schedule may be in relation to any asset pemindah outside Malaysia and effects can be given either by any reciprocal agreement relating to enforcement of judgments that exist between Malaysia and the country or territory outside Malaysia where the assets are located, or in the absence of such agreement, in accordance with the laws applicable in the country or territory , and until the vesting date is given full effect in a country or territory outside Malaysia where the assets are located, the pemindah shall hold the assets, along with any additional rights or assets accrued by virtue of which the assets or any right in it, as a trustee for the benefit of recipients of transfers and immediately send or transfer to the recipient any transfer of money or other things of value received by pemindah due to the asset or assets or rights therein.
(2) Upon request of the transferee, pemindah, at the cost of its own, shall take all necessary measures to ensure that the vesting provisions of any assets pemindah outside Malaysia given the full effects under laws applicable in the country or territory where the assets are located.
Law Malaysia208 Act 720 third schedule [section 158] STATUTORY VESTING PROVISIONS Interpretation 1. (1) in this schedule, unless the context otherwise requires — "registered interest" means any right or interest in — (a) a charge made by a company and be registered under the companies Act 1965 and registered as appropriate in accordance with the relevant provisions of the Act; or (b) duly registered land under the Strata Title Act 1985, the national land code, the Land Ordinance of Sabah or Sarawak land code;
"the importance of land" means — (a) any interest on the land, whether registered or to be registered, including interest for which the Strata Title Act 1985 applies and that can be dipindahmilikkan under part Fourteen national land code or the Sabah Land Ordinance part V or part VI of the Sarawak land code;
(b) any lien holder of the caveat or other caveat; or (c) any right or other qualifications relating to land;
"duty is exposed", in relation to a certificate of vesting provisions, means a duty or liability owed to company obligations by seller under or in respect of the assets and obligations or liabilities is disclosed by the seller to the Corporation in writing before the date of vesting provisions;
"buyer" means a person to whom the Corporation to dispose of an asset;

"the company obligations" means any person who owes a duty or obligation in any form, whether present or future and whether vested or contingent, to a buyer, including someone the company obligations under an Islamic finance, credit facilities, conventional mortgage or other rights in action;
"seller" means a person from whom the Corporation acquired an asset;
Malaysia Deposit Insurance Corporation 209 "vesting date certificate" means a certificate issued by the Corporation under paragraph 3 and includes a certificate replacement vesting provisions issued under paragraph 5;
"certificate of transfer" means a certificate issued by a corporation under paragraph 10 and including a replacement certificate of transfer issued under paragraph 11;
"the date of vesting date" means the date specified in a certificate of vesting date as the date that an asset is vested in the Corporation or a subsidiary of the Corporation;
"claim" means any claim, defense, counterclaim, rejection, legal proceedings or other action, equity or equity interest by an insurer obligations or any third party against seller, or with respect to an asset, whether present or future and whether vested or contingent;
"claims were exposed", in relation to a certificate of vesting date means any specific claims disclosed by the seller to the Corporation in writing before the date of vesting provisions.
Vesting provisions 2. If the Corporation intends to acquire or dispose of an asset in accordance with the provisions of the statutory vesting provisions set out in this schedule, the Corporation shall issue a certificate in respect of the acquisition of the vesting date or a certificate of transfer in respect of the disposal in accordance with this schedule.
Acquisition of 3. (1) a certificate of vesting provisions may be in such form as may be determined by the Corporation.
(2) a certificate shall be issued vesting provisions under the common seal or the seal of the facsimile of the Corporation.
(3) a certificate shall be issued by the Corporation vesting date before, on or after the date of vesting provisions.
(4) where a Corporation acquires an asset by issuing a certificate of vesting provisions — (a) in the case where the assets are held in single vendor immediately before the date of vesting provisions, assets shall on and from the date of vesting date vested in the Corporation; and (b) in the case where the assets are held in association by dealers and another person immediately before the date of vesting provisions, assets shall on and from the date of vesting date vested in the Corporation in association with one other.
Law Malaysia210 720 Act (5) the Corporation shall, on and from the date of vesting provisions of an asset, earned and vested with all rights, title and interest in the vendor, at the present and future, and obligations disclosed in respect of the assets, free from any encumbrances or claims except any registered interest applicable at the date of vesting provisions and claim to be named.
(6) a certificate stating that a vesting date assets vested in the Corporation to be conclusive evidence of the vesting provisions at the date specified in the certificate of the vesting date as the date of vesting provisions.
(7) no provision in any law including civil law Act 1956, pillars of the law or an agreement which restrict or prohibit the right seller or require any consent to assign, sell, dispose of or transfer can be applicable or have any effect with respect to any acquisition or disposal by the Corporation, except a transfer of assets to the Corporation shall be subject to any requirements of the approval of the relevant Authorities of the State having jurisdiction over such transactions.
(8) If the assets of the Corporation were obtained according to this schedule is an Islamic financing facilities or conventional credit facility, the Corporation is deemed to have provided funding, advances, loans or other transactions or facilities or provide financing, though, advances, loans or other transactions facilities or guarantees that have been given, used or issued by the seller.
(9) if the collateral for an Islamic financing facilities or conventional credit facility located right below this table include a share — (a) for the purpose of paragraph 6a (9) (b) of the companies Act 1965, the Corporation is deemed to hold an interest in shares only through security for the purposes of a transaction made in the ordinary course of business in connection with lending money; and (b) the Corporation's interest in the share shall be ignored for the purposes of section 6a of the companies Act 1965.
(10) in relation to an asset that is vested in the Corporation — (a) every insurer obligations pertaining to the assets shall be deemed to have been release and release the seller from all obligations disclosed relating to the assets;
(b) every insurer duty and every other person has any right, title or interest in such assets shall be deemed to have agreed with and accept the acquisition by the Corporation are all obligations disclosed relating to the assets;
Malaysia Deposit Insurance Corporation 211 (c) an agreement or an existing instrument, whether in the form of a deed, a will or otherwise, or order of any court, or in accordance with its powers, the seller has the title or ownership interest in or right over the assets, shall be construed and have effect as-by any mention of it on the vendor has been replaced with a reference to the Corporation;
(d) an existing agreement to which seller is a party shall have effect so far as they apply to the title, rights and interest of the seller to the assets and obligations are disclosed, claims presented and registered interest against which the assets as if the Corporation becomes a party to it rather than the seller;
(e) an indication, direction, mandate, power of Attorney, authority, undertaking or consent which was given to the seller, either alone or in association with others, shall have effect as if given to the Corporation, either alone or in association with others is;

(f) any security held immediately before the date of vesting provisions by the seller, or by a nominee or trustee for seller, as security for the payment or discharge of any liability of any person, shall be held by the Corporation or nominee or trustee such as nominee or trustee for the Corporation, with the same priority as is with the seller, and the extent of liability shall be available to the Corporation as security for the payment or discharge of that liability , and if any collateral extended to advances or liabilities in the future, it shall be held by and available to the Corporation as security for advances or future liabilities to the Corporation in the same manner in all respects as future advances or liabilities to the seller guaranteed immediately before the date of vesting provisions;
(g) in addition to any right, power or remedy other granted to the Corporation in this schedule, the Corporation shall have the rights, powers and remedies of the seller (and in particular, the rights and the power to take or resisting legal proceedings or other proceedings or making or resisting applications to any authority) for ascertaining, protect or enforce the rights, titles, interests or obligations disclosed that vested in the Corporation include the right , title, interest or obligations disclosed that with respect to any legal proceedings or other proceedings or application to any authority that is pending immediately before the date of vesting provisions by or against seller, and to resist any claim disclosed or registered interest at all times as if it is the right, title, interest or obligation of the Corporation;
Law Malaysia212 Act 720 (h) a judgment, award or order obtained by the seller and is not paid in full before the date of vesting provisions can be enforced by the Corporation;
(i) no transfer to or acquisition by the Corporation will be invalid or may not be valid due to the adoption of any law;
(j) if any — (i) profits or other returns (in this subparagraph referred to as "return"); or (ii) interest rates, payable under an agreement decided by reference to the cost of funds or the base lending rate or other reference source used by the seller, or it can no longer be decided as provided in the agreement, return or interest payable under the agreement shall be as prescribed under section 209 or as agreed by the Corporation by with s being the duty of the agreement;
(k) If custody any goods, objects or documents held by the seller as baili immediately before the date of vesting provisions, goods, objects or the document is deemed to have been moved to the Corporation and the rights and obligations of the seller disclosed under any contract of bailmen related to goods, objects or documents shall be transferred to the Corporation free from any claims except claims were exposed; and (l) a negotiable instrument or payment order the money given to or used or accepted by the seller, whether provided, used or received before, on or after the date of vesting provisions, shall have the same effect on and from the date of vesting date, as if it has been given to or used or accepted by the Corporation.
(11) the vesting provisions of any assets in the Corporation may not — (a) be deemed to be placed — (i) the Corporation;
(ii) the seller;
(iii) any person who obtains ownership of the Corporation; or (iv) any other person, Perbadanan Insurans Deposit Malaysia 213 in a position of default or default under any contract or criminal breach of trust;
(b) be considered as giving rise to a right or obligation for any person — (i) terminate, cancel or change an agreement;
(ii) enforce or speed up the implementation of an obligation; or (iii) requires the implementation of an obligation that is not otherwise arise for implementation;
(c) be regarded as put seller, Corporation or any other person in a position of violating any law, the pillars of law or agreement prohibiting, restricting or regulating the assignment, sale, disposal or transfer of any assets or disclosure of the information;
(d) release a guarantor of an obligation;
(e) menidaksahkan or releasing a contract or security; or (f) considered terminate, cancel or amend any of the rights, privileges, exemptions (including any tax exemption) or the seller is entitled to priority to him and that by virtue of this schedule has been vested in the Corporation.
(12) in any proceedings brought by or against the Corporation in respect of any of the assets vested in the Corporation in accordance with this schedule, no person shall, unless the claim is a claim disclosed, poses as a claim or defense against the proceedings of any of the following matters: (a) that person or there may be a set-off or counterclaim against the seller or any other person;
(b) any person has an interest earlier, either in law or equity, in which the assets;
(c) any person to be a party to or taking part in any fraud, insistence, improper influence, coercion or misrepresentation;
(d) there is a mistake of law or fact;
(e) any agreement associated with it is to carry out a purpose, which is unlawful or any consideration given or received under it is illegal, or goals of the agreement which form or form part of the assets was unlawful;
Law Malaysia214 Act 720 (f) there was a failure overall reply or no reply or there is any consideration failed in part;
(g) the person executing, deemed to have been completed or become a party to, any document of title assets that the written contract or be evidence of, giving rise to or guaranteed the assets, does not understand the document;
(h) those who complete, be deemed to have completed or be a party to, any document of title assets that the written contract or become evidence of poses or guarantee the assets, do not have the ability or the authority to do so; and

(i) there was an oversight in any statement of account issued by the seller or any other person in respect of any debt with it assets it is contact.
Retention of rights 4. (1) a person who was prevented from making a claim against the Corporation or prevented from giving rise to a defence of the Corporation under this schedule, is entitled to request compensation against the seller in respect of the claim.
(2) if the Court is satisfied that the person referred to in subparagraph (1) have a claim against the seller includes any equity interest earlier in the assets may be caused or claimed by such person but limited by subparagraph 3 (12), that person is entitled to compensation from the seller in respect of the claim as it is considered fair and reasonable by the Court.
Certificate replacement vesting provisions 5. (1) the Corporation may issue a new certificate of vesting provisions (in this paragraph referred to as "certificate of vesting date replacement") to replace any certificate vesting provisions that have been made previously for the purposes of correct any omission or mistake in the certificate of the vesting date.
(2) any certificate replacement vesting provisions issued under subparagraph (1) executed under the common seal or the seal of the facsimile of the Corporation, stating that an asset has been vested in the Corporation to be conclusive evidence of the vesting provisions at the date of vesting provisions set out in the certificate of the replacement vesting provisions.
Malaysia Deposit Insurance Corporation 215 (3) where any law stating a time period in which a transfer of any assets that become matter a certificate replacement shall be registered or vesting date filed, such period shall commence from the date of vesting date stated in the certificate or the date of vesting date replacement certificate is issued, the replacement vesting date whichever is later.
(4) any act committed by the Corporation or any other person, by relying on a certificate previously issued vesting provisions shall not be affected by any omission or mistake which was corrected in a certificate replacement vesting provisions.
(5) for the purposes of this Act, any reference to a certificate of vesting provisions shall be deemed to include a reference to a certificate replacement vesting provisions.
An additional allocation of land 6. (1) Notwithstanding the provisions of the national land code, the Land Ordinance of Sabah, Sarawak land code or any other law, any caveat or order of prohibition that has been inserted, indorsed, registered or lodged, before, on or after the date of vesting provisions shall not preclude a transfer of any interest on the land seller to the Corporation.
(2) If a certificate of vesting provisions vesting in the Corporation any interest on the land — (a) in Peninsular Malaysia, upon the receipt of — (i) the payment of the prescribed fee; and (ii) the certificate of vesting provisions, the Registrar under the national land code shall, without requiring any further application or filing any document more, make a memorial at the land title registry and make any other posts and generally do all things necessary to give effect to the vesting provisions;
(b) in Sabah, on receipt of — (i) the payment of the prescribed fee; and (ii) the certificate of vesting provisions, the Registrar under the Sabah Land Ordinance shall, without requiring any further application or filing any document more, make a memorial at the land title registry and make any other posts and generally doing everything required to enforce the vesting provisions;
Law Malaysia216 Act 720 (c) in Sarawak, upon the receipt of — (i) the payment of the prescribed fee; and (ii) the certificate of vesting provisions, the Registrar under the Sarawak Land Code shall, without requiring any further application or filing any document more, make a memorial at the land title registry and make any other posts and generally do all things necessary to give effect to the vesting provisions;
(3) Notwithstanding any of the provisions of the national land, the Land Ordinance of Sabah, Sarawak land code or any other law, a certificate of vesting provisions in force for the vesting of an interest of about of land in the Corporation at the date of vesting provisions and be conclusive evidence of the vesting date.
Other Registrar shall give effect to the recommendation vesting provisions 7. (1) Notwithstanding the provisions of any other law, every Registrar of the Court, the Registrar of companies, the Registrar of ships Malaysia, depositories, depository agents and any person that maintain a register or record of ownership, interest or security (in this paragraph referred to as "the Registrar") shall, upon receipt of — (a) the payment of the prescribed fee; and (b) the certificate of vesting provisions, without requiring any further application or filing any document more, doing everything and make all entries or memorial in any register or records kept by the Registrar as may be necessary to give effect to the vesting provisions of assets associated with the certificate of the vesting date.
(2) for the purposes of this paragraph, subsection 112a (1) of the companies Act, 1965 shall be deemed to apply to the Corporation as if the word "thirty" in that subsection were replaced with the words "one hundred and eighty".
(3) Notwithstanding any provision of the companies Act 1965 or any other law, a certificate of vesting provisions in force for the vesting in the Corporation, any title, interest or security in the asset at the date of vesting provisions and shall be conclusive evidence of the vesting date.
Perbadanan Insurans Deposit Malaysia 217 Immunity Registrar 8. A person the Registrar or those who maintain a register or records referred to under paragraph 6 or 7 shall not be liable to any person in respect of the manufacture of any memorial or postings at the land title registry or any register or other record of certification depends on the vesting date.
Automatic replacement in any legal proceedings or other

9. Notwithstanding the provisions of any other law, every Registrar the Court shall upon receipt of a certificate of vesting provisions do everything and make all the entries in any register or records kept by the Registrar as may be necessary to give effect to the automatic replacement of the Corporation at the place of the seller as a party in any legal proceedings or the other.
Disposal 10. (1) the Corporation may issue a certificate of transfer for the purpose of selling or otherwise disposing of any assets of the Corporation and any property against which the Corporation holds a charge, whether as chargee, mortgagee, assignee, lien holder or otherwise.
(2) subject to the approval, if required, the regulator or relevant State Authorities having jurisdiction on the disposal of an asset by the Corporation, the disposal to any buyer shall have effect as an acquisition by the Corporation as if the buyer is a corporation under paragraph 3 and the provisions of paragraph 3 (except for subparagraph 3 (12)) and paragraph 6 to 9 shall apply to such buyers as they apply to a corporation , except — (a) a reference to "seller" shall be construed as a reference to the Corporation;
(b) a reference to "Corporation" shall be construed as a reference to the buyer;
(c) a reference to "certificate of vesting provisions" shall be construed as a reference to a certificate of transfer; and (c) a reference to "the date of vesting provisions" shall be construed as a reference to the date specified in the certificate of transfer as the date of disposal.
(3) a disposal of assets by the Corporation to a purchaser shall have the effect of the transfer to the buyer that all rights, title, interests and obligations of the Corporation in respect of the asset.
Law Malaysia218 720 Act (4) subject to any requirements of the regulator body approval or the State authorities related to the transfer of that, a certificate indicating the transfer of an asset have been transferred to the buyer to be conclusive evidence of the transactions at the date specified in the certificate of transfer as the date of disposal.
Certificate replacement transactions 11. (1) the Corporation may issue a new certificate of transfer (in this paragraph referred to as "certificate replacement transactions") to replace any certificate transfers that have been made previously for the purposes of correct any omission or mistake in the transfer certificate.
(2) any replacement transactions certificate issued under subparagraph (1) executed under the common seal or the seal of the facsimile of the Corporation, stating that an asset has been transferred to the buyer to be conclusive evidence of the transfer at the date of disposal as specified in the certificate of the transfer of the replacement.
(3) where any law stating a time period in which a transfer of any assets that become matter a certificate replacement transactions issued under subparagraph shall be registered or filed, such period shall commence from the date of disposal as specified in the certificate of transfer or the date of replacement of transfers the replacement certificate is issued, whichever is the later.
(4) any act committed by the Corporation or any other person, with the subject a certificate of transfer issued earlier are not affected by any omission or mistake which was corrected in a certificate replacement transactions issued under subparagraph (1).
(5) for the purposes of this Act, any reference to a certificate of transfer shall be deemed to include a reference to a certificate of transfer replacement.
Transfer to and between 12. Notwithstanding any other provisions of this Act, the Corporation may affects — (a) any transfer of assets by the Corporation to any subsidiary of the Corporation;
(b) any transfer of assets between any subsidiary of the Corporation; and (c) any amendment of an asset to the Corporation from any subsidiary corporations, Perbadanan Insurans Deposit Malaysia 219 by issuing a certificate of vesting provisions, which shall have the effect of vesting of all rights, title, interests and liabilities pemindah in respect of the assets in the transferee.
Vesting date assets outside Malaysia 13. (1) a certificate of vesting provisions issued under this schedule may be in relation to any asset seller outside Malaysia and effects can be given either by any reciprocal agreement relating to enforcement of judgments that exist between Malaysia and the country or territory outside Malaysia where the assets are located, or in the absence of such agreement, in accordance with the laws applicable in the country or territory , and until the vesting date is given full effect in a country or territory outside Malaysia where the assets are located, the seller shall hold the assets, along with any additional rights or assets accrued by virtue of which the assets or any right in it, as a trustee for the benefit of the Corporation and immediately send or transfer to the Corporation any money or other thing of value received by the seller due to the asset or assets or rights therein.
(2) upon request of the Corporation, the seller, at his own cost, shall take all necessary measures to ensure that the vesting provisions of any assets of the vendor outside Malaysia given the full effects under laws applicable in the country or territory where the assets are located.
Fourth Schedule [section 159] the RIGHT to PRESERVE, DISPOSE of or ACQUIRE PROPERTY Interpretation 1. In this schedule — "purchaser" means any person to whom the Corporation to dispose of any property under section 159;
"the law of the land connected" means — (a) in the case of Peninsular Malaysia, the rules of the respective State land;
(b) in the case of Sabah, Sabah Land Ordinance; or (c) in the case of Sarawak, Sarawak land code.
Law Malaysia220 Act 720 Power characterized to gain 2. For purposes of section 159 — (a) the Corporation is deemed to be authorized by the collateral provider or the registered owner of the property to dispose of the property and give effect to the transfer of title or owner of the property to the buyer; and

(b) every Registrar of the Court, the Registrar of companies, the Registrar of lands, the Registrar of ships Malaysia, depositories, depository agents and any person that maintain a register or record of ownership or interest shall receive a certificate of vesting date or certificate of transfer or a transfer instrument or any document or instrument other registration carried out by the Corporation and subject to payment of the fee prescribed under the land law relating , register or otherwise give effect to the transfer of such property or any part of the property to the purchaser without the need for any further application or filing any document further.
Sales of assets through private treaty 3. A sale by a private treaty under section 159 can be made through a private contract, auction, tender or any way other sales.
The Corporation may acquire property 4. If the Corporation or a subsidiary of the Corporation, dispose of any property or any part of the property through private treaty then, notwithstanding anything to the contrary in any law, the Corporation or a subsidiary that can without having to pay any deposit, acquires the property or part of the property and deduct the purchase price of any liabilities owed to the Corporation or a subsidiary of it.
Rights Acquisition Corporation shall overcome 5. The rights of the Corporation under section 159 may be exercised — (a) Notwithstanding any order sales made either under any rules of the Court, the national land code, the Land Ordinance of Sabah, Sarawak land code or any other law or any step or proceeding taken or pending to sell the property;
(b) without the need for any approval, confirmation or order of court; and (d) in association with any rights or remedies provided by any other law or any contract.
Malaysia Deposit Insurance Corporation 221 laws of MALAYSIA Act 720 AKTA PERBADANAN INSURANS DEPOSIT MALAYSIA 2011 LIST AMENDMENT of laws that amend the short title of the Act in force A1505 Akta Perbadanan Insurans Deposit Malaysia (Amendment) 2016 08-03-2016 law Malaysia222 Act 720 laws of MALAYSIA Act 720 AKTA PERBADANAN INSURANS DEPOSIT MALAYSIA 2011 LIST SECTION AMENDED Section Power amend with effect from 2 Act A1505 08-03-2016 10 Act A1505 08-03-2016 14 Act A1505 08-03-2016 of Chapter 4 of part II of the Act A1505 08-03-2016 25 Act A1505 08-03-2016 26 Act A1505 08-03-2016 27 Act A1505 08-03-2016 28 Act A1505 08-03-2016 29 Act A1505 08-03-2016 34 Act A1505 08-03-2016 36 Act A1505 08-03-2016 38 Act A1505 08-03-2016 39 Act A1505 08-03-2016 40 Act A1505 08-03-2016 41 Act A1505 08-03-2016 42 Act A1505 08-03-2016 43 Act A1505 08-03-2016 A1505 Act 44 08-03-2016 46 Act A1505 08-03-2016 A1505 Act 48 08-03-2016 A1505 Act 51 08-03-2016 52 Act A1505 08-03-2016 55 Act A1505 08-03-2016 Perbadanan Insurans Deposit Malaysia 223 Section Power to amend with effect from 56 Act A1505 08-03-2016 A1505 Act 57 08-03-2016 A1505 Act 58 08-03-2016 60 Act A1505 08-03-2016 61 Act A1505 08-03-2016 A1505 Act 65 08-03-2016 66 Act A1505 08-03-2016 A1505 Act 69 08-03-2016 70 Act A1505 08-03-2016 Chapter 2 part V of the Act A1505 08-03-2016 A1505 Act 71 08-03-2016 A1505 Act 72 08-03-2016 A1505 Act 73 08-03-2016 74 Act A1505 08-03-2016 75 Act A1505 08-03-2016 76 Act A1505 08-03-2016 A1505 Act 77 08-03-2016 78 Act A1505 08-03-2016
78a Act A1505 08-03-2016 80 Act A1505 08-03-2016 A1505 Act 83 08-03-2016 A1505 Act 84 08-03-2016 85 Act A1505 08-03-2016 90 of A1505 08-03-2016 94 Act A1505 08-03-2016 A1505 Act 95 08-03-2016 A1505 Act 96 08-03-2016 A1505 Act 99 08-03-2016 104 Act A1505 08-03-2016 A1505 Act 106 08-03-2016 109 Act A1505 08-03-2016 law Malaysia224 Act Power to amend Section 720 effect from 115 Act A1505 08-03-2016 120 Act A1505 08-03-2016 A1505 Act 121 08-03-2016 A1505 Act 127 08-03-2016 of chapter 2a Part VII of the Act A1505 08-03-2016 128a Act A1505 08-03-2016 128B barcode Act A1505 08-03-2016 128c Act A1505 08-03-2016 128d Act A1505 08-03-2016 128e Act A1505 08-03-2016 A1505 Act 129 08-03-2016 130 Act A1505 08-03-2016 131a Act A1505 08-03-2016 131B Act A1505 08-03-2016 132 Act A1505 08-03-2016 A1505 Act 133 08-03-2016 134 Act A1505 08-03-2016 134a Act A1505 08-03-2016 134B Act A1505 08-03-2016 135 Act A1505 08-03-2016 140 – 142 Act A1505 08-03-2016 142a Act A1505 08-03-2016 142B Act A1505 08-03-2016 142c Act A1505 08-03 144 A1505 Act-2016 08-03-2016 A1505 Act 145 08-03-2016 146 Act A1505 08-03-2016 A1505 Act 149 08-03-2016 150 Act A1505 08-03-2016 151 Act A1505 08-03-2016 A1505 Act 152 08-03-2016 Perbadanan Insurans Deposit Malaysia 225 Section Power amend with effect from 153 Act A1505 08-03-2016 A1505 Act 154 08-03-2016 A1505 Act 155 08-03-2016 A1505 Act 157 08-03-2016 A1505 Act 161 08-03-2016 165 Act A1505 08-03-2016 178 Act A1505 08-03-2016 180 Act A1505 08-03-2016 A1505 Act 196 08-03-2016 A1505 Act 202 08-03-2016 203a Act A1505 08-03-2016 A1505 Act 204 08-03-2016 207a Act A1505 08-03-2016 A1505 Act 209 08-03-2016 the first schedule of the Act A1505 08-03-2016