Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part II · Management, Ownership and Control
9. Exemption from disqualification
Feedback & supportA person who is disqualified by virtue of paragraph 7(1)(e)
person
“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;
may, with the written consent of the prescribed institution in which he is holding office or is to be appointed, apply to the Bank in writing to exempt him from that paragraph, and, the Bank may, with the
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
Development Financial Institutions 31
development
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
concurrence of the Minister, grant such exemption, subject to such conditions as the Bank considers fit to impose.
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
The person applying for an exemption under subsection (1) and the prescribed institution in which he is holding office or is to be appointed shall submit such particulars and information as the Bank may specify.
office
“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;