Malaysia legislation
Section 2
Section 2
In this Act, unless the context otherwise requires—
“Member” includes a full member and such other categories of members as may be set out in the Agreement;
“member of a Technical Committee” means a person nominated by a Member to represent the Member to the Technical Committee;
“member of Council” means a person nominated by a Member to represent the Member at the Council;
*NOTE—The Agreement has been signed by the Governor of the Bahrain Monetary Agency, the
Governor of Bank Indonesia, the Governor of Bank Markazi Jomhouri Islami Iran, the Governor of the Central Bank of Kuwait, the Governor of Bank Negara Malaysia, the Governor of the State
Bank of Pakistan, the Governor of the Saudi Arabian Monetary Agency, the Deputy Governor of the Bank of Sudan and the President of the Islamic Development Bank.
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“full member” means—
(a)
the lead banking or financial supervisory authority of a nation;
(b)
an intergovernmental international organization responsible for the promotion of Islamic finance or market; or
(c)
such other person, admitted as a full member by the Council;
“member of Secretariat” means any officer or employee of the
Board;
“Bank” means the Bank Negara Malaysia established by the
Central Bank of Malaysia Act 1958 [Act 519];
“Technical Committee” means a Technical Committee of the
Board;
“national interest” means any matter which would be beneficial or of critical importance to Malaysia including security, economic, social and political interests;
“Board” means the Islamic Financial Services Board established by the Agreement;
“Council” means the Council of the Board;
“Minister” means the Minister charged with the responsibility for finance;
“constituent organs” means the General Assembly, the Council, the Technical Committee and the Secretariat;
“General Assembly” means the General Assembly of the Board;
“Agreement” means the agreement for the establishment of the
Board which the Bank is authorized under section 6 of this Act to sign and accept to become a full member of the Board and includes any amendment, addition, modification, or alteration made from time to time;
“Secretariat” means the Secretariat of the Board;
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Islamic Financial Services Board
“Secretary General” means the Secretary General of the Board and includes any person appointed by the Council to act on his behalf during his absence, and any person appointed by the Council to act as the Secretary General during the period of any vacancy in the office of the Secretary General.
Juridical personality and common seal of the Board