Board of

Directors

14. (1) There shall be a Board of Directors of the Bank.

(2) The Board shall—
(a)be responsible for the general administration of the affairs and business of the Bank and the
approval of the budget and operating plan of the Bank;
(b)have oversight of the management of the Bank and keep under constant review the
performance of the Bank in giving effect to its objects, carrying out its functions and the
use of the resources of the Bank; and
(c)be responsible for such other matters as provided under this Act.
(3) The Board shall consist of the following members:
(a)the Governor;
(b)not more than three Deputy Governors; and
(c)not less than five but not more than eight directors appointed under subsection 16(1).
(4) The Board may require the Bank to produce any book or document and shall have
access to any information which is necessary or relevant for the carrying out of its functions
under this Act.
(5) For the purposes of carrying out its functions under this Act, the Board may issue by-
laws as are necessary and expedient in relation to the administration, affairs and business of
the Bank or in respect of any other matters as set out in this Act.

Appointment of16. (1) The directors referred to in paragraph 14(3)(c) shall be appointed
directorby the Yang di-Pertuan Agong on the advice of the Minister on such terms
and conditions as provided for in their respective letters of appointment.
(2) Before giving advice on an appointment of a person to the office of
director under subsection (1), the Minister shall have regard to—
(a)that person’s probity and standing;
(b)that person’s knowledge, skill and experience in banking, economics or
finance; and
(c)the likelihood of any conflict between the interests of the Bank and any
interest which that person has or represents.
(3) A director shall, at all times, act honestly and in the best interest of the
Bank and use reasonable diligence in the discharge of the duties of his office.
(4) A director shall not make improper use of any information acquired or
exercise any improper influence by virtue of his position as a director to gain,
directly or indirectly, an advantage for himself or for any other person.
(5) A director shall not act as representative or delegate on the Board from
any commercial, financial, agricultural, industrial or other interests with
which he may be connected:
Provided that the prohibition shall not extend to any director holding or for
the time being acting in the office of Secretary General to the Treasury.
(6) Except as provided in paragraph 17(2)(a), a director appointed under
subsection (1) shall hold office for a term of three years and shall be eligible
for reappointment.
(7) The directors appointed under subsection (1) shall be paid by the Bank
such remuneration and allowances as may be approved by the Minister.
(8) A director may resign from office by notice in writing under his hand
addressed to the Yang di-Pertuan Agong.
Appointment of6. (1) Except with prior written approval of the Minister, no prescribed
Chief Executiveinstitution shall appoint or reappoint any person as its Chief Executive Act
Officer andOfficer or director. A1502.
directors
(2) The prescribed institution shall only submit an application for
approval under subsection (1) after seeking and obtaining the Bank’s
verification that the person has complied with the criteria set out in the First
Schedule.
(3) No prescribed institution shall appoint or reappoint any person as its
Chief Executive Officer or director and no person shall accept any
appointment or reappointment as a Chief Executive Officer or director of a
prescribed institution, unless such person has been verified by the Bank as
having complied with the criteria set out in the First Schedule.
(4) A prescribed institution shall notify the Bank of the appointment or
reappointment of its Chief Executive Officer or directors within fourteen
days from the date of the appointment or reappointment, as the case may be.