Section 59
Disqualifications
of Financial Services Act 2013
(1)
A person is disqualified from being appointed or elected, reappointed or re-elected, accepting any appointment or election, or holding office, as a chairman, director, chief executive officer or senior officer of an institution if—
(a)
he is an undischarged bankrupt, has suspended payments or has compounded with his creditors whether in or outside
Malaysia;
(b)
a charge for a criminal offence relating to dishonesty or fraud under any written law or the law of any country, territory or place outside Malaysia, has been proven against him;
(c)
he is prohibited from being a director of a company or in any way, whether directly or indirectly, be concerned or take part in the management of a company in Malaysia pursuant to a court order made under section 130A of the
*Companies Act 1965 and has not obtained any leave of the court under the same section; or
(d)
under any law relating to prevention of crime, drug trafficking or immigration—
*NOTE―The Companies Act 1965 [Act 125] has been repealed by the Companies Act 2016 [Act 777]
which comes into operation on 31 January 2017―see subsection 620(1) of Act 777.
90 Laws of Malaysia
(i)
an order of detention, supervision, or deportation has been made against that person; or
(ii)
any form of restriction or supervision by bond or otherwise, has been imposed on him.
(2)
Where any criminal proceeding is pending in any court for any offence referred to in paragraph (1)(b) against a chairman, director, chief executive officer or senior officer of an institution, such person shall not—
(a)
act in such capacity, hold any other office or act in any other capacity, in that institution; or
(b)
be concerned with, take part or engage in any manner, whether directly or indirectly, in any activity, affairs or business of, or in relation to, that institution, except as may be permitted by the board of directors of the institution subject to such conditions as may be specified by the Bank.
(3)
For the purposes of subsection (2), “criminal proceedings” shall be deemed to be pending from the date that the accused person is first charged in court for the offence until the date of the final conclusion of the proceedings, whether in the court of original jurisdiction or, in the event of any appeal by any party, in the court of final appellate jurisdiction.