Malaysia legislation
Section 9
of Act 627
Section 9
(a)
that person has been adjudged a bankrupt, or has suspended payments, or has compounded with his creditors, whether in or outside Malaysia, within five years prior to the date of the appointment;
(b)
that person has been convicted of an offence under this Act or such an offence has been compounded against him;
(c)
that person has been convicted of an offence under the Banking and Financial Institutions Act 1989, Insurance Act 1996 [Act 553], Islamic Banking Act 1983 [Act 276], Takaful Act 1984 [Act 312], Money-Changing Act 1998 [Act 577], Exchange Control Act 1953 [Act 17], Central Bank of Malaysia Act 1958, Development Financial Institutions Act 2002 [Act 618], Anti Money Laundering Act 2001 [Act 613], Securities Industry Act 1983, Futures Industry Act 1993, Companies Act 1965 [Act 125] or under any written law involving fraud or dishonesty which is punishable with, as the case may be—
(i)
imprisonment for one year or more, whether by itself, or in lieu of, or in addition to, a fine; or
(ii)
a fine of one million ringgit or more, or such offence has been compounded against him;
(d)
that person has been a director or chief executive officer of any company which has been convicted of an offence under any written law during his tenure of office unless he proves that such offence was committed without his knowledge or consent and he was not in a position to prevent the offence;
(e)
there has been made against that person an order of detention, supervision, restricted residence, banishment or deportation, or if there has been imposed on him any form of restriction or supervision by bond or otherwise, under any law relating to the prevention of crime, or to preventive detention for the prevention of crime or drug trafficking, or to restricted residence, or to banishment or immigration; or
(f)
that person has been a director or chief executive officer of a corporation incorporated in or outside Malaysia which is being or has been wound up.
(2)
No person shall accept an appointment as a director of an operator of a designated payment system, and no such operator shall appoint a person as a director of such operator, if that person is disqualified under subsection (1).
Appointment of chief executive officer