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

7. Disqualification of Chief Executive Officer and director

(1)

No prescribed institution shall appoint a person and no person shall accept appointment as a Chief Executive Officer or director of a prescribed institution—

(a)

if he is a bankrupt or has compounded with his creditors, whether in or outside Malaysia;

(b)

without prejudice to paragraph (c), if a charge for a criminal offence relating to dishonesty, fraud or violence under any written law punishable with imprisonment for one year or more, whether by itself, or in lieu of, or in addition to, a fine, has been proved against him in any court in or outside

Malaysia;

(c)

if a charge for any offence under this Act has been proved against him;

(d)

if there has been made against him any order of detention, supervision, restricted residence, banishment or deportation, or if there has been imposed on him any form of restriction or supervision, by bond or otherwise, under any law relating to prevention of crime, or preventive detention for the prevention of crime or drug trafficking, or restricted residence, or banishment or immigration; or

(e)

if he has been a director of, or directly concerned in the management of, any corporation which is being or has been wound up by a court or other authority competent to do so in or outside Malaysia.

Development Financial Institutions 29

(2)

(Deleted by Act A1502).

Terms defined in 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
corporation
Defined · s 3
“corporation” has the same meaning as in the *Companies Act 1965;
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
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 8

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