Malaysia legislation
Section 4
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2022
Section 4
Section 11 of the principal Act is amended by inserting after subsection (2) the following subsections:
“(2a) The Minister, in appointing the directors under paragraphs 2(d) and (e), shall have regard to—
(a)
diversity of the board of directors in terms of interest, knowledge, skill and experience;
(b)
the person’s probity and standing; and
(c)
the person’s knowledge, skill and experience in banking, insurance, economics or in any other relevant discipline, which will enable him to discharge his functions as a director.
(2b)
Each director referred to in paragraph (2)(b) or (c)
may assign in writing a position within his organization as the alternate director who shall attend meetings of the
Board in place of the director when the director is for any reason unable to attend.
(2c)
For the avoidance of doubt, for the purposes of subsection 15(9) of the Central Bank of Malaysia
Act 2009 [Act 701], the position of the Deputy Governor of
Bank Negara Malaysia may be assigned as the alternate director under subsection (2b).
(2d)
When attending meetings of the Board in place of the directors referred to in paragraph (2)(b) or (c), the alternate directors shall for all purposes be deemed to be directors of the Board.”.
Amendment of section 12