Section 4. Banking, finance company, merchant banking, discount house and money-broking businesses to be carried on only under licence. (BANKING AND FINANCIAL INSTITUTIONS ACT 1989

ACT 372
BANKING AND FINANCIAL INSTITUTIONS ACT 1989

PART II - LICENSING OF BANKING, FINANCE COMPANY, MERCHANT BANKING, DISCOUNT HOUSE AND MONEY-BROKING BUSINESSES

Section 4. Banking, finance company, merchant banking, discount house and money-broking businesses to be carried on only under licence.

(1) No person shall carry on-

(

) banking, finance company, merchant banking, or discount house business, unless it is a public company; or

(

) money-broking business, unless it is a corporation,

and holds a valid licence granted under subsection 6(4) to carry on such business.

(2) A bank or a finance company licensed under subsection 6(4) shall be deemed to be a member institution under the Malaysia Deposit Insurance Corporation Act 2005 [Act 642].

[Ins. Act A1256:s.2]