Section 57. Appointment of chief executive. (BANKING AND FINANCIAL INSTITUTIONS ACT 1989

ACT 372
BANKING AND FINANCIAL INSTITUTIONS ACT 1989

PART VIII - OWNERSHIP, CONTROL AND MANAGEMENT OF LICENSED INSTITUTIONS

Section 57. Appointment of chief executive.

(1) Subject to subsection (2), every licensed institution shall appoint a chief executive of the institution who shall be-

(

) an individual; and

(

) resident in Malaysia during the period of his appointment.

(2) Without prejudice to any appointment made before the effective date, a licensed institution shall, before appointing a chief executive pursuant to subsection (1), seek and obtain the Bank's written approval for the proposed appointment.