Financial Services Act 2013 s 55

s 55 Requirements to be chairman, director, chief executive officer or senior officer

(1) An institution shall not appoint or elect, reappoint or reelect any person as a chairman, director, chief executive officer or senior officer of the institution, unless such person— (a) is an individual; (b) is not disqualified under subsection 59(1); and (c) has complied with the fit and proper requirements as may be specified by the Bank under section 60. (2) No person shall accept any appointment or election, reappointment or re-election as a chairman, director, chief executive officer or senior officer of an institution, unless such person— (a) is not disqualified under subsection 59(1); and (b) has complied with the fit and proper requirements as may be specified by the Bank under section 60. (3) Unless the Bank otherwise approves, a chief executive officer of an institution shall have his principal or only place of residence within Malaysia and devote the whole of his professional time to the service of the institution.

Malay text (authoritative)

Kehendak untuk menjadi pengerusi, pengarah, ketua pegawai eksekutif atau pegawai kanan

(1) Suatu institusi itu tidak boleh melantik atau memilih, melantik semula atau memilih semula mana-mana orang sebagai pengerusi, pengarah, ketua pegawai eksekutif atau pegawai kanan institusi itu, melainkan jika orang itu— (a) ialah seorang individu; (b) tidak hilang kelayakan di bawah subseksyen 59(1); dan (c) telah mematuhi kehendak layak dan sesuai sebagaimana yang ditentukan oleh Bank di bawah seksyen 60. (2) Tiada seorang pun boleh menerima mana-mana pelantikan atau pemilihan, pelantikan semula atau pemilihan semula sebagai pengerusi, pengarah, ketua pegawai eksekutif atau pegawai kanan institusi, melainkan jika orang itu— (a) tidak hilang kelayakan di bawah subseksyen 59(1); dan (b) telah mematuhi kehendak layak dan sesuai sebagaimana yang ditentukan oleh Bank di bawah seksyen 60. (3) Melainkan jika Bank meluluskan selainnya, ketua pegawai eksekutif institusi hendaklah mempunyai tempat kediaman utamanya atau tempat kediamannya hanya di Malaysia dan menumpukan keseluruhan masa profesionalnya untuk berkhidmat bagi institusi itu.

Read this section in the full act → · Open Division 2 →

Find Act 758 on lom.agc.gov.my ↗

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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