Banking and Financial Institutions Act 1989 · As enacted · Part X · Powers of Supervision and Control Over Licensed Institutions
Section 75
Official textFrom Laws of Malaysia Online, unchanged
Any officer or director removed from office in a licensed institution under section 73 (1) (C) or (D) (i) shall cease to hold the office from which he is removed with effect from the date set out in the order, and shall not thereafter hold any other office whatsoever in that licensed institution or, in any manner, whether directly or indirectly, be concerned with, or take part, or engage in, any activity, affairs or business whatsoever of or in relation to that licensed institution.
officer
"officer", in relation to an institution, includes any employee and the chief executive of the institution;
The removal of an officer or director under section 73 (1) (C) or (D) (i) shall be lawful and valid notwithstanding anything contained in any contract of service or other contract or agreement, whether express or implied, whether individual or collective, and whether or not made or provided for under any written law, and a person so removed from office shall not be entitled to claim any compensation for the loss or termination of office.
office
"office" includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set up and maintained for a limited period only, an electronic terminal and any other place of business;
Terms defined in s 2
agreement
Defined · s 2"agreement" means an agreement whether formal or informal, oral or written, express or implied;
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);
office
Defined · s 2"office" includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set up and maintained for a limited period only, an electronic terminal and any other place of business;
officer
Defined · s 2"officer", in relation to an institution, includes any employee and the chief executive of the institution;
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