Labuan Financial Services Authority Act 1996 · s 5

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s 5Membership of the Authority

(1)

The Authority shall consist of the following members who shall be appointed by the Minister:

(a)

a Chairman;

14 Laws of Malaysia ACT 545

(b)

the Director General; and

(c)

not less than three and not more than seven other persons, two of whom shall be from the public sector.

(2)

The members appointed under paragraph (1)(c) shall be from amongst persons who possess relevant experience in financial, commercial or legal matters.

(3)

The Director General shall be the chief executive officer of the Authority and shall be entrusted with the day-to-day administration of the Authority.

(4)

In the event of the Director General being absent or unable to act due to illness or any other cause, the Chairman shall appoint any member of the Authority to carry out the functions of the Director

General.