Section 50
Provisions in relation to an appointment under section 49
of Bank Simpanan Nasional Berhad Act 1997
A person appointed by the Minister under subparagraph 49(1)(dd)(ii), paragraph 49(1)(ee), or paragraph 49(2)(a) or (b)
shall be appointed for such period as may be determined by the
Minister, not exceeding, in any case, two years, but may be reappointed for three further consecutive periods not exceeding one year each, and shall, during such period of appointment or reappointment, hold his appointment at the pleasure of the Minister.
(2)
The terms and conditions of an appointment referred to in subsection (1), shall, subject to the order under which the appointment is made, and to subsection (1), be determined by the Minister and shall be binding on the Bank.
(3)
The appointment of a director or directors under subparagraph 49(1)(dd)(ii) shall not affect any provision of the constituent documents enabling the Bank to have further directors where the
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maximum number of directors allowed under the constituent documents has not already been reached or exceeded by the appointment or appointments under subparagraph 49(1)(dd)(ii).
(4)
A person holding any appointment as referred to in subsection
(1)
shall not incur any obligation or liability solely by reason of his holding such appointment.
(5)
Where a receiver or manager has been appointed in respect of the Bank by the High Court under paragraph 49(2)(c), all proper costs, charges and expenses, including the remuneration, of such receiver or manager shall be payable out of the assets of the Bank in priority to all other claims.
(6)
Where the Bank fails to comply with subparagraph 49(1)(dd)(ii)
or paragraph 49(1)(ee), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.
Provisions in relation to removal from office under paragraph 49(1)(cc) or subparagraph 49(1)(dd)(i)