Takaful Order, 2008 · As enacted · Part III
Section 29
Official textFrom Attorney General's Chambers, unchanged
If a takaful operator defaults in complying with any of the provisions of sections 19, 20 or 23, the Authority may by notice in writing require him to make good the default.
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;
If the takaful operator does not make good the default within one month after the notice is given, the High Court may, on the application of the Authority, make such order against the takaful operator or any director or officer of the takaful operator as the High Court thinks fit with a view to making good the default and otherwise securing compliance by the takaful operator with sections 19, 20 or 23.
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;
Nothing done under this section shall affect any person's liability for any offence against this Order.
Re-takaful.
re-takaful
"re-takaful" means an arrangement consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business;
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;
re-takaful
Defined · s 2"re-takaful" means an arrangement consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business;
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;