Section 130

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