Malaysia legislation
Section 37
Section 37
(2)
The Financial Stability Executive Committee shall consist of the
Governor, one Deputy Governor and not less than three but not more than five other members appointed by the Minister on the
Central Bank of Malaysia 47
recommendation of the Board from amongst directors appointed under subsection 16(1) or other persons.
(3)
The Board, in recommending any person to be a member of the
Financial Stability Executive Committee, shall at all times be satisfied that the person has the expertise and experience relevant to the responsibility and functions of the Financial Stability Executive
Committee and be a person of probity, competence and sound judgment.
(4)
The Secretary General to the Treasury shall be informed of and be invited to all meetings of the Financial Stability Executive
Committee.
(5)
When the Secretary General to the Treasury or his representative attends a meeting of the Financial Stability Executive
Committee referred to in subsection (4) he attends as a member of the
Financial Stability Executive Committee.
(6)
Where any proposal made by the Bank under subsection 38(1)
is in respect of a person or financial institution under the supervision or oversight of another supervisory authority, the head of that supervisory authority shall be informed and the head of that supervisory authority or his representative shall be present at the meeting of the Financial Stability Executive Committee as a member.
(7)
The absence of the Secretary General to the Treasury or his representative at any meeting of the Financial Stability Executive
Committee or the head of any supervisory authority concerned or his representative, as the case may be, at any meeting of the Financial
Stability Executive Committee shall not invalidate the decision made at such meeting of the Committee.
(8)
The Financial Stability Executive 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).
(9)
The Financial Stability Executive Committee shall meet as required by the Bank and at any meeting of the Financial Stability
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Executive Committee the quorum shall be three members, including the Governor or, in the absence of the Governor, the Deputy Governor designated by the Board under subsection 15(7).
(10)
The Financial Stability Executive Committee may determine its own procedures.
Powers and functions of the Financial Stability Executive
Committee