Banking and Financial Institutions Act 1989 · As enacted · Part X · Powers of Supervision and Control Over Licensed Institutions
Section 74
Official textFrom Laws of Malaysia Online, unchanged
A person appointed by the Bank under section 73 (1) (D) (ii), (E), or (2) (a) shall be appointed for such period as may be determined by the Bank, 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 Bank.
person
"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
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 Bank and shall be binding on the licensed institution concerned.
The appointment of a director or directors under section 73 (1) (D) (ii) shall not affect any provision of the constituent documents enabling the licensed institution to have further directors where the maximum number of directors allowed under the constituent documents has not already been reached or exceeded by the appointment or appointments under section 73 (1) (D) (ii).
director
"director" includes any person who occupies the position of a director, by whatever name called and, in particular, without prejudice to the foregoing, in the case of— (a) a corporation, has the meaning assigned thereto by the Companies Act 1965; (b) a co-operative society, means a member of the board, or other governing body howsoever called, of the co-operative society; (c) a statutory body, means a member of the board, committee, council or other governing body, howsoever called, of the statutory body; (d) a partnership, means a partner; (e) a sole proprietorship, means the sole proprietor; and (f) any other body, association or group of persons, whether corporate or unincorporate, means any person having the direction and control of the management of its affairs or business;
A person holding any appointment as is referred to in subsection (1) shall not incur any obligation or liability solely by reason of his holding such appointment.
Where a receiver or manager has been appointed in respect of a licensed institution by the High Court under section 73 (2) (b), all proper costs, charges and expenses, including the remuneration, of such receiver or manager shall be payable out of the assets of the licensed institution in priority to all other claims.
manager
"manager", in relation to an institution, means an officer of the institution by whatever name called, responsible for an office of the institution, or for a department or a division of such institution or of its office;
Terms defined in s 2
constituent documents
Defined · s 2"constituent documents", in relation to an institution, means the statute, charter, memorandum of association and articles of association, rules and by-laws, partnership agreement, or other instrument, under or by which the institution is established and its governing and administrative structure and the scope of its functions, business, powers and duties are set out, whether contained in one or more documents;
director
Defined · s 2"director" includes any person who occupies the position of a director, by whatever name called and, in particular, without prejudice to the foregoing, in the case of— (a) a corporation, has the meaning assigned thereto by the Companies Act 1965; (b) a co-operative society, means a member of the board, or other governing body howsoever called, of the co-operative society; (c) a statutory body, means a member of the board, committee, council or other governing body, howsoever called, of the statutory body; (d) a partnership, means a partner; (e) a sole proprietorship, means the sole proprietor; and (f) any other body, association or group of persons, whether corporate or unincorporate, means any person having the direction and control of the management of its affairs or business;
licensed institution
Defined · s 2"licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);
manager
Defined · s 2"manager", in relation to an institution, means an officer of the institution by whatever name called, responsible for an office of the institution, or for a department or a division of such institution or of its office;
person
Defined · s 2"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
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