Pengurusan Danaharta Nasional Berhad Act 1998 · s 22

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22.
Establishment and functions of the Oversight Committee
(1) There is hereby established a committee by the name of the
“Oversight Committee” whose functions shall be—
(a) to approve the appointment of a Special Administrator under this Act;
(b) to approve the appointment of an Independent Advisor in the manner set out under section 26;
(c) to approve the recommendations made by the Corporation for the extension or termination of any moratorium in effect pursuant to section 41; and
(d) to approve the recommendation of the Corporation for the termination of the appointment of a Special Administrator appointed under this Act or for the termination of the administration of an affected person.
(2) The Oversight Committee shall consist of the following members who shall be appointed by the Minister:
(a) a representative of the Ministry of Finance;
(b) a representative of the Central Bank; and
(c) a representative of the Securities Commission.
(3) The persons appointed under subsection (2) may be paid such honorarium and travelling and subsistence allowances by the
Corporation as the Minister may determine.

Pengurusan Danaharta Nasional Berhad                    33
(3A) No act or proceeding of the Oversight Committee shall be invalid merely because of—
(a) any vacancy in the membership, or any defect in the constitution, of the Oversight Committee;
(b) any contravention by any member of the Oversight
Committee of section 65 of this Act; or
(c) any omission, defect or irregularity in the proceedings of the Oversight Committee.
(3B) A certificate signed by a secretary of the Oversight
Committee confirming any decision of the Oversight Committee shall be conclusive evidence of that decision.
(4) The decision of the Oversight Committee shall be final and binding and shall not be reviewed, quashed, appealed against, or set aside by any court.

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s 22Establishment and functions of the Oversight Committee

(1)

There is hereby established a committee by the name of the

“Oversight Committee” whose functions shall be—

(a)

to approve the appointment of a Special Administrator under this Act;

(b)

to approve the appointment of an Independent Advisor in the manner set out under section 26;

(c)

to approve the recommendations made by the Corporation for the extension or termination of any moratorium in effect pursuant to section 41; and

(d)

to approve the recommendation of the Corporation for the termination of the appointment of a Special Administrator appointed under this Act or for the termination of the administration of an affected person.

(2)

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

(a)

a representative of the Ministry of Finance;

(b)

a representative of the Central Bank; and

(c)

a representative of the Securities Commission.

(3)

The persons appointed under subsection (2) may be paid such honorarium and travelling and subsistence allowances by the

Corporation as the Minister may determine.

Pengurusan Danaharta Nasional Berhad 33

(3A)

No act or proceeding of the Oversight Committee shall be invalid merely because of—

(a)

any vacancy in the membership, or any defect in the constitution, of the Oversight Committee;

(b)

any contravention by any member of the Oversight

Committee of section 65 of this Act; or

(c)

any omission, defect or irregularity in the proceedings of the Oversight Committee.

(3B)

A certificate signed by a secretary of the Oversight

Committee confirming any decision of the Oversight Committee shall be conclusive evidence of that decision.

(4)

The decision of the Oversight Committee shall be final and binding and shall not be reviewed, quashed, appealed against, or set aside by any court.