Malaysia legislation
Section 40
Section 40
Where the Central Bank has acted under paragraph (c) of subsection (2) of section 39 with respect to a licensed bank, the following provisions shall have effect—
(a)
notwithstanding anything contained in the Companies Act, 1965 and the articles of association of the bank, the rights of the members or holders of shares to elect directors of the bank in place of those who are removed from office by the Central Bank shall cease to be exercisable;
(b)
any director removed from office under that paragraph shall cease to hold office, and shall not be entitled to claim any compensation for the loss or termination of office; and
(c)
every removal or appointment under that paragraph shall be final and conclusive and shall not be questioned in any Court.