Section 54
Chairman, directors and chief executive officer of institution
of Financial Services Act 2013
Every institution shall at all times have a chief executive officer.
(2)
Except with the prior written approval of the Bank—
(a)
no licensed person shall appoint or elect, or reappoint or re-elect any person as its chairman, director or chief executive officer; and
(b)
no person shall accept any appointment or election, or reappointment or re-election as a chairman, director or chief executive officer, of a licensed person.
(3)
The licensed person shall submit an application in writing to the Bank together with such documents or information as may be specified by the Bank for the purposes of an approval under subsection (2).
(4)
An approved person or operator of a designated payment system shall notify the Bank in writing of the appointment, reappointment, election or re-election of its chairman, director or chief executive officer and in the case of an approved financial adviser, its
86 Laws of Malaysia representative, within seven days or such other period as may be specified by the Bank together with such documents or information as may be specified by the Bank.