In forceUpdated to 6 Oct 2023Read it in Bahasa Malaysia

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Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part VI · Control of Defaulter

58. Removal from office under section 54

(1)

Any officer or director removed from office in a prescribed institution under paragraph 54(2)(c) or subparagraph 54(2)(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 hold any other office in that prescribed institution or, in any manner, whether directly or indirectly, be concerned with, or take part, or engage in, any activity, affairs or business of, or in relation to, that prescribed institution.

(2)

Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.

(3)

The removal of an officer or director under paragraph 54(2)(c)

or subparagraph 54(2)(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.

Terms defined in s 3

agreement
Defined · s 3
“agreement” means an agreement whether formal or informal, oral or written, express or implied;
Open s 3
business
Defined · s 3
“business” means any activity carried on for the purpose of gain or profit and includes all property derived from, or used in, or for the purpose of, carrying on such activity and all rights and liabilities arising from such activity;
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director
Defined · s 3
“director” includes any person who occupies the position of a director, and includes a person in accordance with whose directions and instructions the directors or officers are accustomed to act and an Development Financial Institutions 19 alternate or substitute director, and without prejudice to the foregoing, in the case of— (a) a co-operative society, means a member of the board, or other governing body, of the co-operative society; (b) a statutory body, means a member of the board, committee, council or other governing body of the statutory body; (c) a partnership, means a partner; (d) a sole proprietorship, means the sole proprietor; and (e) any other body, association or group of persons, whether corporate or unincorporate, means a person having the direction and control of the management of its business or affairs;
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individual
Defined · s 3
“individual” means a natural person;
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office
Defined · s 3
“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;
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officer
Defined · s 3
“officer”, in relation to an institution, means any of its employees and includes its Chief Executive Officer;
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person
Defined · s 3
“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;
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prescribed institution
Defined · s 3
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
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Report

Read on from s 59

Part VII

Auditor and Accounts

Read on from Part VII

Part VIII

Examination and Investigation

Read on from Part VIII

Part IX

Miscellaneous

Read on from Part IX