Banking and Financial Institutions Act 1989 · As enacted · Part VIII · Ownership, Control and Management of Licensed Institutions
Section 57
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (2), every licensed institution shall appoint a chief executive of the institution who shall be—
licensed institution
"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
an individual; and
resident in Malaysia during the period of his appointment.
Without prejudice to any appointment made before the effective date, a licensed institution shall, before appointing a chief executive pursuant to subsection (1), seek and obtain the Bank's written approval for the proposed appointment.
effective date
"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
Terms defined in s 2
chief executive
Defined · s 2"chief executive", in relation to an institution, means a person, by whatever name called, who, either individually or jointly with one or more other persons, is responsible, subject to the authority of the directors, for the conduct of the business and the administration of the institution;
effective date
Defined · s 2"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
Part IX
Restrictions on Business of Licensed Institutions
Part X
Powers of Supervision and Control Over Licensed Institutions
Part XI
Investigation, Search and Seizure
Part XII
Application of Parts X and XI to Non-Scheduled Institutions Engaged in Provision of Finance
Part XIII
Information and Secrecy
Part XIV
Offences
Part XV