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 II · Management, Ownership and Control

6. Appointment of Chief Executive Officer and directors

(1)

Except with prior written approval of the *Minister, no prescribed institution shall appoint or reappoint any person as its Chief

Executive Officer or director.

(2)

The prescribed institution shall only submit an application for approval under subsection (1) after seeking and obtaining the Bank’s verification that the person has complied with the criteria set out in the

First Schedule.

(3)

No prescribed institution shall appoint or reappoint any person as its Chief Executive Officer or director and no person shall accept any appointment or reappointment as a Chief Executive Officer or director of a prescribed institution, unless such person has been verified by the Bank as having complied with the criteria set out in the

First Schedule.

(4)

A prescribed institution shall notify the Bank of the appointment or reappointment of its Chief Executive Officer or directors within fourteen days from the date of the appointment or reappointment, as the case may be.

*NOTE—For application to Bank Kerjasama Rakyat Malaysia Berhad–see subparagraph 3(a) of the

Development Financial Institutions (Bank Kerjasama Rakyat Malaysia Berhad) (Modification) Order 2016 [P.U. (A) 15/2016] which comes into operation on 31 January 2016.

Terms defined in s 3

Bank
Defined · s 3
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
Open s 3
Chief Executive Officer
Defined · s 3
“Chief Executive Officer”, in relation to an institution, means an individual, who either individually or jointly with one or more other persons, is responsible, subject to the authority of the directors, for the conduct of the business and the administration of the institution;
Open s 3
development
Defined · s 3
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
Open s 3
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;
Open s 3
Minister
Defined · s 3
“Minister” means the Minister for the time being charged with the responsibility for finance;
Open s 3
modification
Defined · s 3
“modification” includes amendment, adaptation, alteration, variation, addition, division, substitution or exclusion;
Open s 3
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;
Open s 3
prescribed institution
Defined · s 3
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
Open s 3

Report

Read on from s 6A

Part III

Restrictions on Business

Read on from Part III

Part IV

Obligations and Sourcing of Funds

Read on from Part IV

Part V

Dealings with Government Funds

Read on from Part V

Part VI

Control of Defaulter

Read on from Part VI

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