Islamic Financial Services Act 2013 · s 66

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66.
Duties of directors
(1) 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—
(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;
(d) exercise sound and independent judgment; and

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(e) comply with any standards specified by the Bank under subsection 29(2) which are applicable to a director.
(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.

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s 66Duties of directors

(1)

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—

(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;

(d)

exercise sound and independent judgment; and

(e)

comply with any standards specified by the Bank under subsection 29(2) which are applicable to a director.

(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.