Deposit Protection Act · 2023 Revised Edition · Chapter 2
9. Disqualification and termination of directors
Official textFrom Attorney General's Chambers, unchanged
No person shall be appointed as or shall remain a director who is an officer of a member institution.
His Majesty the Sultan and Yang Di-Pertuan may terminate or suspend the appointment of any director if —
he becomes of unsound mind or otherwise becomes incapable of carrying out his duties;
he is adjudicated a bankrupt, suspends payment or compounds with his creditors;
he has been charged for a criminal offence under any written law punishable with imprisonment, whether by itself, or in lieu of, or in addition to, a fine, in any court in or outside
Brunei Darussalam;
he is guilty of serious misconduct in relation to his duties under this Act; or
he is absent, except on leave granted by the Minister, with the approval of His Majesty the Sultan and Yang Di-Pertuan, in the case of the chairman or by the chairman, in the case of all other directors, from at least two meetings of the Board in any period of 12 months.
Notwithstanding subsection (2), a director may at any time resign his office by giving a written notice of not less than 30 days to the
Minister.
Terms defined in s 2
member institution
Defined · s 2“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
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