Section 5A
Duties of directors
of Development Financial Institutions Act 2002
A director of a prescribed institution shall at all times—
(a)
act in good faith in the best interests of the prescribed institution;
(b)
exercise reasonable care, skill and diligence with—
(i)
the knowledge, skill and experience which may reasonably be expected of a director having the same responsibilities; and
(ii)
any additional knowledge, skill and experience which the director has;
(c)
only exercise powers conferred on him for the purposes for which such powers are conferred;
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(d)
exercise sound and independent judgment; and
(e)
comply with any standards specified by the Bank which are applicable to a director.
(2)
Subsection (1) has effect in addition to, and not in derogation of, any written law or rule of law relating to the duty or liability of a director.
(3)
Any director who contravenes paragraph (1)(c) 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.