What is a Form 40A – Notice of Assignment of Charge which will be issued to customers subsequent to the formation of AmIslamic Bank?
Under the Companies Act 1965, if a company (chargor) has charged its property to AmBank (M) Berhad as a security for a financing, the Companies Commission of Malaysia (CCM) would have issued a ‘Form 40 – Certificate of Registration of Charge’. Due to the set up of AmIslamic Bank Berhad, a charge created under AmBank has to be assigned to AmIslamic Bank. To assign the charge, AmBank is required to lodge a ‘Form 40A – Notice of Assignment of Charge’ with the CCM. It is a requirement of the Companies Act 1965 that a copy of the Form 40A be given to the chargor.
