Malaysia legislation
Section 9
Section 9
“Board of Commission
The principal Act is amended by inserting after section 4 the following sections:
“Appointment of members of Board 4a. (1) A person to be appointed as the Chairman or the
Deputy Chief Executive under section 4 shall be a person of integrity and impeccable reputation with proven experience and recognized knowledge in the financial or capital markets.
(2)
The Minister, in appointing other members of the
Board under subsection 4(2), shall have regard to—
(a)
diversity of the Board members in terms of interest, knowledge, skills and experience; and
(b)
the person’s probity and standing and his knowledge, skills and experience in law, economics, finance, accounting or in any other relevant discipline, which will enable him to discharge his functions as a member of the Board.
Chairman and Deputy Chief Executive 4b. (1) The Chairman shall be entrusted with the day-to-day administration and management of the Commission and may, unless otherwise provided under the securities laws or any other written law, exercise all powers and do all acts which may be exercised or done by the Commission under the securities laws or any other written law.
(2)
During the absence of the Chairman or inability of the Chairman to act due to any cause, the Deputy Chief
Executive shall carry out the functions of the Chairman.
(3)
For the purposes of subsection (2), in the case where the Deputy Chief Executive is absent or unable to act due to any cause, a senior member of management of the Commission designated by the Board shall carry out the functions of the
Chairman.
(4)
Notwithstanding subsection (1), the Chairman may bring any matter in relation to the Commission’s functions to the Board for deliberation or direction, where he deems it necessary.”.
Substitution of section 5