Section 61
Cessation from office
of Financial Services Act 2013
Where a chairman, director, chief executive officer or senior officer of an institution or a financial adviser’s representative, as the case may be—
(a)
becomes disqualified under subsection 59(1); or
(b)
no longer complies with any of the fit and proper requirements as may be specified by the Bank under section 60, such chairman, director, chief executive officer, senior officer or financial adviser’s representative shall immediately cease to hold office and act in such capacity.
(2)
The institution shall immediately—
(a)
in the case of paragraph (1)(a), terminate the appointment of such chairman, director, chief executive officer, senior officer or financial adviser’s representative; or
(b)
in the case of paragraph (1)(b), remove such chairman, director, chief executive officer, senior officer or financial adviser’s representative from such office.
(3)
Notwithstanding anything contained in any contract of service or any other agreement relating to his appointment, the chairman,
92 Laws of Malaysia director, chief executive officer, senior officer or financial adviser’s representative terminated under paragraph (2)(a) shall not be entitled to claim any compensation for such termination.