Malaysia legislation
Section 13A
Section 13A
The Board⎯
There shall be established an Investment Panel responsible for matters pertaining to the investment of the assets of the
Board which shall be subject to such directions issued by the Board and approved by the Minister from time to time.
(2)
The Investment Panel shall consist of⎯
(a)
the Chairman of the Board who shall be the Chairman of the Investment Panel;
(b)
the Deputy Chairman of the Board who shall be the
Deputy Chairman of the Investment Panel;
(c)
the State Financial Secretary or his representative;
(d)
the Governor of Bank Negara Malaysia or his representative;
(e)
three other members with business and financial experience appointed by the Minister.
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Ord. No. 4/71
(3)
The Director of the Foundation may participate without the right to vote in any meeting of the Investment Panel.
(4)
The appointment of any member made under subsection
(2)
shall⎯
(a)
be for such term not more than three years as the
Minister may deem fit; and
(b)
be determined⎯
(i)
upon his death;
(ii)
if he shall, by writing addressed to the Minister through the Chairman, resign such appointment;
(iii)
if he is a bankrupt;
(iv)
if he is declared to be of unsound mind, or
(v)
if he is sentenced to a term of imprisonment without the option of a fine.
(5)
The Minister may cancel the appointment of any member of the Investment Panel if his conduct, whether in connection with the duties of such appointment or otherwise, is in the opinion of the
Minister such as to bring discredit upon the Investment Panel or the
Board.
(6)
The Chairman and three other members of the Investment
Panel shall form a quorum at any meeting of the Investment Panel.
(7)
The Investment Panel shall meet as and when required.
(8)
The Chairman of the Investment Panel may invite to any of its meetings any person who can in his opinion contribute to its deliberation but such person shall have no right to vote at the meeting.
(9)
There shall be paid to any person invited under subsection
(8)
and to each unofficial member of the Investment Panel out of the
Fund such allowances, including out-of-pocket expenses necessarily and reasonably incurred by such person or member in and about the
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business of the Investment Panel as the Board may determine subject to such limits and conditions as the Minister may impose.
(10)
All members of the Investment Panel shall be deemed to be public servants within the meaning of the Penal Code [Act 574].
(11)
If any member of the Investment Panel is financially interested in any scheme, project or enterprise undertaken or is recommended by the Investment Panel to be undertaken by the Board, he shall forthwith declare to the Board in writing the nature and extent of his interest in such scheme, project or enterprise and of any subsequent change in the nature or extent of his interest therein.
[Ins. Ord. No. 4/86.]
Liability of members