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Financial Services Act 2013 s 162

Financial Services Act 2013 s 162

s 162 Power to remove director, chief executive officer or senior officer

Subject to section 262, the Bank may, by an order in writing, remove a director, chief executive officer or senior officer from office or employment in an institution if the Bank is of the opinion that the director, chief executive officer or senior officer of the institutionβ€” (a) no longer fulfils the fit and proper requirements specified under section 60 and fails to cease holding such office or acting in such capacity; or (b) has breached, contravened or failed to comply with or, by action or negligence, has contributed to the breach or contravention of, or non-compliance with any provision of this Act, a direction under section 156 or an enforceable undertaking accepted by the Bank under section 259.

Malay text (authoritative)

Kuasa untuk memecat pengarah, ketua pegawai eksekutif atau pegawai kanan

Tertakluk kepada seksyen 262, Bank boleh, melalui perintah secara bertulis, memecat pengarah, ketua pegawai eksekutif atau pegawai kanan daripada jawatan atau pekerjaan dalam institusi sekiranya pada pendapat Bank bahawa pengarah, ketua pegawai eksekutif atau pegawai kanan institusi ituβ€” (a) tidak lagi memenuhi kehendak layak dan sesuai yang ditentukan di bawah seksyen 60 dan gagal berhenti memegang jawatan sedemikian atau bertindak dalam sifat sedemikian; atau (b) telah memungkiri, melanggar atau gagal mematuhi atau, melalui tindakan atau kecuaian, telah menyumbang kepada kemungkiran atau pelanggaran, atau ketidakpatuhan dengan mana-mana peruntukan Akta ini, suatu arahan di bawah seksen 156 atau suatu aku janji yang boleh dikuatkuasakan yang diterima oleh Bank di bawah seksyen 259.

Read this section in the full act β†’ Β· Open Division 1 β†’

Find Act 758 on lom.agc.gov.my β†—

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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