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mylaw.myby aturio
In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part VI · Prudential Requirements

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

92

(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.

Report

Read on from s 67

Part VII

Ownership, Control and Transfer of Business

Read on from Part VII

Part VIII

Financial Groups

Read on from Part VIII

Part VI

Part VI—

Read on from Part VI

Part IX

Business Conduct and Consumer Protection

Read on from Part IX

Part X

Islamic Money Market and Islamic Foreign Exchange Market

Read on from Part X

Part XI

Submission of Document or Information

Read on from Part XI

Part XII

Examination

Read on from Part XII

Part XIII

Directions of Compliance

Read on from Part XIII

Part XIV

Intervention and Remedial Action

Read on from Part XIV

Part XV

Other Powers of Bank

Read on from Part XV

Part XVI

Enforcement and Penalties

Read on from Part XVI

Part XVII

General Provisions

Read on from Part XVII

Part XVIII

Repeal, Savings and Transitional

Read on from Part XVIII

Schedules