ACT 372 BANKING AND FINANCIAL INSTITUTIONS ACT 1989
PART XVI - AMENDMENT, REPEAL AND TRANSITIONAL PROVISIONS
Section 131. Consequential amendments to the companies Act 1965 [Act 125].
The Companies Act 1965 is amended-
(a) by substituting for the definition of "banking corporation" in subsection 4 (1) of that Act the following:
' "banking corporation" means a licensed bank, a licensed merchant bank and an Islamic bank;';
(b) by inserting in section 4 of that Act immediately after subsection (1), the following new subsection (1A):
' (1A) In this Act-
(a) "licensed bank", "licensed business", "licensed discount house", "licensed finance company", "licensed institution", "licensed merchant bank", "licensed money-broker", "nonscheduled institution", "scheduled business" and "scheduled institution" shall have the meanings assigned thereto in section 2 (1) of the Banking and Financial Institutions Act 1989 [Act 372]; and
(b) "Islamic bank" or "Islamic banking business" shall have the meaning assigned thereto in the Islamic Banking Act 1983 [Act 276].';
(c) by substituting for the words "finance company licensed under the Finance Companies Act 1969" in subsection 169 (19) of that Act the words "a licensed finance company, a licensed discount house, a licensed money-broker, a scheduled institution in respect of which the Minister charged with responsibility for finance has made an order under subsection 24 (1) of the Banking and Financial Institutions Act 1989 and a non-scheduled institution in respect of which such Minister has made an order under subsection 93 (1) of that Act";
(d) by substituting for paragraph 217 (1)(f) of that Act, the following:
" (f) in the case of a company which is a licensed institution, or a scheduled institution in respect of which the Minister charged with responsibility for finance has made an order under subsection 24 (1) of the Banking and Financial Institutions Act 1989 [Act 372], or a non-scheduled institution in respect of which such Minister has made an order under subsection 93 (1) of that Act, Bank Negara Malaysia.";
(e) by deleting paragraph 217 (1)(g) of that Act;
(f) by substituting for paragraph 218 (1)(j) of that Act the following:
" (j) the company has held a licence under the Banking and Financial Institutions Act 1989 or the Islamic Banking Act 1983, and that licence has been revoked or surrendered; or"; and
(g) by substituting for paragraph 218 (1)(k) of that Act the following:
" (k) the company has carried on Islamic banking business, licensed business, or scheduled business, or it has accepted, received or taken deposits in Malaysia, in contravention of the Islamic Banking Act 1983 or the Banking and Financial Institutions Act 1989, as the case may be.".