Section 35
Additional provisions relating to subparagraph 32(1)(c)(i)
of Central Bank of Malaysia Act 2009
The Bank may, as it deems necessary, in exercising its powers under subparagraph 32(1)(c)(i) in relation to a financial institution, by order in writing—
(a)
remove from office, with effect from such date as may be specified in the order, any director, officer or employee of the financial institution;
(b)
vary or terminate the contract of service of any director, officer or employee of the financial institution as may be specified in the order; or
(c)
appoint any person as a director, officer or employee of the financial institution subject to such terms and conditions as the Bank may specify.
(2)
Before exercising its powers under subsection (1), the Bank shall give the director, officer or employee of the financial institution an opportunity to make representation.
(3)
This section shall have full force and effect notwithstanding—
(a)
any conflict or inconsistency between this section and any other provision of this Act;
(b)
anything contained in any law including the law by or under which the financial institution is constituted, established, incorporated or registered; or
Central Bank of Malaysia 43
(c)
anything contained in the constituent document of the financial institution or in any contract entered into by or on behalf of the financial institution or in any contract affecting the shares or other capital instruments issued by or otherwise relating to the financial institution.