Financial Services Act 2013 s 61

s 61 Cessation from office

(1) Where a chairman, director, chief executive officer or senior officer of an institution or a financial adviser’s representative, as the case may be— (a) becomes disqualified under subsection 59(1); or (b) no longer complies with any of the fit and proper requirements as may be specified by the Bank under section 60, such chairman, director, chief executive officer, senior officer or financial adviser’s representative shall immediately cease to hold office and act in such capacity. (2) The institution shall immediately— (a) in the case of paragraph (1)(a), terminate the appointment of such chairman, director, chief executive officer, senior officer or financial adviser’s representative; or (b) in the case of paragraph (1)(b), remove such chairman, director, chief executive officer, senior officer or financial adviser’s representative from such office. (3) Notwithstanding anything contained in any contract of service or any other agreement relating to his appointment, the chairman, director, chief executive officer, senior officer or financial adviser’s representative terminated under paragraph (2)(a) shall not be entitled to claim any compensation for such termination.

Malay text (authoritative)

Pemberhentian daripada jawatan

(1) Jika pengerusi, pengarah, ketua pegawai eksekutif atau pegawai kanan institusi atau wakil penasihat kewangan, mengikut mana-mana yang berkenaan— (a) menjadi hilang kelayakan di bawah subseksyen 59(1); atau (b) tidak lagi mematuhi mana-mana kehendak layak dan sesuai sebagaimana yang ditentukan oleh Bank di bawah seksyen 60, pengerusi, pengarah, ketua pegawai eksekutif, pegawai kanan atau wakil penasihat kewangan itu hendaklah dengan serta-merta terhenti memegang jawatan dan bertindak atas keupayaan sedemikian. (2) Institusi itu hendaklah dengan serta-merta— (a) dalam hal perenggan (1)(a), menamatkan pelantikan pengerusi, pengarah, ketua pegawai eksekutif, pegawai kanan atau wakil penasihat kewangan itu; atau (b) dalam hal perenggan (1)(b), memecat pengerusi, pengarah, ketua pegawai eksekutif, pegawai kanan atau wakil penasihat kewangan itu daripada jawatan itu. (3) Walau apa pun apa-apa jua yang terkandung dalam apaapa kontrak perkhidmatan atau apa-apa perjanjian lain yang berhubungan dengan pelantikannya, pengerusi, pengarah, ketua pegawai eksekutif, pegawai kanan atau wakil penasihat kewangan itu yang ditamatkan di bawah perenggan (2)(a) tidak berhak untuk menuntut apa-apa pampasan bagi penamatan itu.

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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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