Section 130
of Development Financial Institutions Act 2002
Section 130
Any requirement for the approval of the Minister or the
Bank, as the case may be, under this Act shall be deemed to have been given in accordance with the provisions of this Act and shall continue to remain in full force and effect in relation to the persons to whom it applies until modified, rescinded or revoked in accordance with the provisions of this Act.
(2)
The chief executive officer or director of a prescribed institution shall, on the commencement date, be deemed to have complied with the Minimum Criteria for Appointment in the First Schedule and notwithstanding any disqualification under section 7, shall continue to remain in office until the expiry of his term of appointment.
*NOTE—Savings in respect of prescribed institution carrying on Islamic financial business–see section 112 of the Development Financial Institutions (Amendment) Act 2015 [Act A1502] which comes into operation on 31 January 2016.
Development Financial Institutions 149
FIRST SCHEDULE
[Subsections 6(2) and (3), section 6A and subsections 8(1) and (2)]
Minimum Criteria for Appointment
Chairman, director, Chief Executive Officer and senior officer to be
“fit and proper” persons