Section 164

The Board may appoint a committee of itself chaired by one of its directors and consisting of one or two more directors and other persons of relevant expertise or with relevant experience to oversee, monitor and evaluate the performance of any or all conservators appointed by the Corporation.

The committee appointed under subsection (2) shall make such proposals or recommendations including a proposal for the termination of the conservator for the consideration of the Corporation.

A conservator shall be released from his appointment upon the approval of the termination of his appointment by the Corporation.

Where a conservator is released from his appointment under this section or subsection 189(2), he shall, with effect from such release, be discharged from all duties and liabilities in respect of his administration or otherwise in relation to his conduct as a conservator.

Nothing in this section shall prevent an action or other proceedings by any person for loss or damage due to the wilful misconduct or gross negligence of the conservator.

Malaysia Deposit Insurance Corporation 171

Notification of appointment of conservator