Islamic Banking Act · s 15

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15.
Objection to new or increased control
(1) Where a person has served a notice on the Authority under section 14(1), then, unless the Authority is satisfied having regard to the need to ensure the sound and prudent management of the Islamic bank in question, that that person is a fit and proper person to become a controller of the description in question, the Authority may serve on that person a notice of objection under this section.

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(2) Where a person required to serve a notice under section 14(1) in relation to his becoming a controller of any description becomes such a controller without having served notice on the Authority as so required, then, at any time within 3 months after becoming aware of his having done so, the
Authority may serve on him a notice of objection under this section if, had notice been served on it under section 14(1), it would have done so.
(3) For the purpose of deciding whether to serve notice of objection on any person by virtue of subsection (2), the Authority may by notice in writing require the person concerned to provide such information or documents as it may require.
(4) Where the reasons stated in a notice of objection under this section relate specifically to matters which —
(a) refer to a person identified in the notice, other than the person on whom it is served; and
(b) are in the opinion of the Authority prejudicial to that person in relation to any office of employment, then, unless he considers it impracticable to do so, the Authority shall serve a copy of the notice of objection on that person.
(5) A notice of objection under this section —
(a) shall specify the reasons why the Authority is not satisfied as mentioned in subsection (1); and
(b) shall give particulars of the right of appeal under subsection (6).
(6) A person aggrieved by the service of a notice of objection under this section (or a copy of such notice) may, within 28 days of that service, appeal to the Minister, whose decision is final.

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s 15Objection to new or increased control

(1)

Where a person has served a notice on the Authority under section 14(1), then, unless the Authority is satisfied having regard to the need to ensure the sound and prudent management of the Islamic bank in question, that that person is a fit and proper person to become a controller of the description in question, the Authority may serve on that person a notice of objection under this section.

Islamic Banking 26

(2)

Where a person required to serve a notice under section 14(1) in relation to his becoming a controller of any description becomes such a controller without having served notice on the Authority as so required, then, at any time within 3 months after becoming aware of his having done so, the

Authority may serve on him a notice of objection under this section if, had notice been served on it under section 14(1), it would have done so.

(3)

For the purpose of deciding whether to serve notice of objection on any person by virtue of subsection (2), the Authority may by notice in writing require the person concerned to provide such information or documents as it may require.

(4)

Where the reasons stated in a notice of objection under this section relate specifically to matters which —

(a)

refer to a person identified in the notice, other than the person on whom it is served; and

(b)

are in the opinion of the Authority prejudicial to that person in relation to any office of employment, then, unless he considers it impracticable to do so, the Authority shall serve a copy of the notice of objection on that person.

(5)

A notice of objection under this section —

(a)

shall specify the reasons why the Authority is not satisfied as mentioned in subsection (1); and

(b)

shall give particulars of the right of appeal under subsection (6).

(6)

A person aggrieved by the service of a notice of objection under this section (or a copy of such notice) may, within 28 days of that service, appeal to the Minister, whose decision is final.