Section 70. Appointment of director, chief executive officer, manager or financial adviser's representative.
(1) No licensee, and no controller of a licensee, shall appoint a person as director or chief executive officer unless it has obtained the prior written approval of the Bank for the proposed appointment.
(1A) No licensed financial adviser shall appoint a financial adviser's representative unless it has obtained the prior written approval of the Bank for the proposed appointment.
[Ins. Act A1247:s.19]
(2) No licensee, and no controller of a licensee, shall appoint as its director, chief executive officer or manager, a person who-
(a) is disqualified under section 71;
(b) fails to fulfil such minimum criteria of a "fit and proper person" as may be prescribed; and
(c) other than a non-executive director representing a foreign shareholder of a licensee, does not reside in Malaysia throughout the period of his appointment.
Penalty: Imprisonment for three years or three million ringgit or both. Default penalty.
(3) The Bank may specify the particulars and information to be submitted by the licensee, or the controller of a licensee, in relation to the person for whom the Bank's written approval is sought under subsection (1) or subsection (1A), as the case may be.