Takaful Order, 2008 · As enacted · Part III
Section 26
Official textFrom Attorney General's Chambers, unchanged
A takaful operator which has, or a director of a takaful operator who has, prior to the commencement of this Order, entered into a transaction or has an interest contrary to the provisions of sections 24 or 25, shall within 2 months of such commencement, submit a statement of that transaction or interest to the
takaful operator
"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;
Authority and that takaful operator or director, as the case may be, shall further within that time or such further time as the Authority may specify, liquidate the transaction, cease to have the interest or comply with the provisions of those sections, and dispose of any property or right that may have been acquired or interest that may have been held.
Authority
"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
Any person who fails to comply with the provisions of subsection (1)
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000, and in the case of a continuing offence to a further fine not exceeding $4,000 for every day during which the offence continues after conviction.
Terms defined in s 2
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
takaful operator
Defined · s 2"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;