Section 23 — CENTRAL BANK OF MALAYSIA ACT 2009

(2)

The Monetary Policy Committee shall consist of the Governor, the Deputy Governors and not less than three but not more than seven other members.

(3)

Members of the Monetary Policy Committee may be appointed from amongst directors appointed under subsection 16(1) or officers and such members shall be appointed by the Board on the recommendation of the Board Governance Committee.

(4)

In addition to subsection (3), the Minister may appoint any other person as a member of the Monetary Policy Committee on the recommendation of the Board Governance Committee.

(5)

The Board Governance Committee, in recommending any person to be a member of the Monetary Policy Committee, shall at all times be satisfied that the person has the expertise and experience relevant to the responsibility and functions of the Monetary Policy

Committee and be a person of probity, competence and sound judgment.

(6)

The members of the Monetary Policy Committee, other than the

Governor and Deputy Governors, may each be appointed for a term not exceeding three years and shall be eligible for reappointment.

(7)

The Governor and Deputy Governors shall remain as members of the Monetary Policy Committee for so long as the Governor or

Deputy Governors hold office as Governor or Deputy Governor.

(8)

No person shall be appointed as a member of the Monetary

Policy Committee or shall remain as a member if he—

34 Laws of Malaysia ACT 701

(a)

is or becomes a member of the Senate or House of

Representatives or any Legislative Assembly;

(b)

is or becomes an officer or a director of any entity under the supervision of the Bank;

(c)

is or becomes a public officer unless otherwise approved by the Board or in the case of a person appointed under subsection (4), the Minister;

(d)

is convicted of a criminal offence involving dishonesty or of any criminal offence for which he has been sentenced to imprisonment;

(e)

is or becomes bankrupt or suspends payment or compounds with his creditor;

(f)

is or becomes involved in any activity which may interfere with his independence in discharging his duties; or

(g)

is not a Malaysian citizen.

(9)

The Board, or in the case of a person appointed under subsection

(4)

, the Minister, may remove a member of the Monetary Policy

Committee if—

(a)

the Board or the Minister, as the case may be, is satisfied that he is guilty of serious misconduct in relation to his duties as a member of the committee;

(b)

he becomes of unsound mind or incapable of carrying out his duties; or

(c)

he is disqualified under subsection (8).

(10)

The monetary policy of the Bank shall be formulated only at a duly convened meeting of the Monetary Policy Committee.

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(11)

The Monetary Policy Committee shall be chaired by the

Governor or in the absence of the Governor, by the Deputy Governor designated by the Board under subsection 15(7).

(12)

The First Schedule shall apply to the Monetary Policy

Committee.

Publication of monetary policy statement