Section 57
Duties of directors
of Financial Services Act 2013
A director of an institution shall at all times—
(a)
act in good faith in the best interests of the institution;
(b)
exercise reasonable care, skill and diligence with—
88 Laws of Malaysia
(i)
the knowledge, skill and experience which may reasonably be expected of a director having the same responsibilities; and
(ii)
any additional knowledge, skill and experience which the director has;
(c)
only exercise powers conferred on him for the purposes for which such powers are conferred; and
(d)
exercise sound and independent judgment.
(2)
Subsection (1) has effect in addition to, and not in derogation of, any written law or rule of law relating to the duty or liability of a director.
(3)
Any director who contravenes paragraph (1)(c) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.