Takaful Order, 2008 · s 44

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

44.
Disqualification of managing director, director etc.
( 1)
Without prejudice to anything contained in the Companies Act
(Chapter 39), any person who is a managing director, director, chief executive, principal officer or controller of a takaful operator shall cease to hold office -
fa} if he has been adjudged bankrupt;
3014

{b) if he makes a conveyance or assignment of his property for the benefit of his creditors or makes an arrangement with his creditors generally;
{c) if he is convicted of any offence involving fraud or dishonesty; or
{d) if he becomes insane.
(2)
No person who is a managing director, director, chief executive, principal officer or controller or any member of his immediate family of a takaful operator shall hold shares or other interests in a company that carries on the business of a takaful broker.
(3)
For the purposes of subsection (2), "member of his immediate family"
includes the wife, husband, father, mother, son and daughter of a managing director, director, chief executive, principal officer or controller.
(4)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000, imprisonment for a term not exceeding one year or both.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 44Disqualification of managing director, director etc.

( 1)

Without prejudice to anything contained in the Companies Act

(Chapter 39), any person who is a managing director, director, chief executive, principal officer or controller of a takaful operator shall cease to hold office -

fa} if he has been adjudged bankrupt;

3014

{b) if he makes a conveyance or assignment of his property for the benefit of his creditors or makes an arrangement with his creditors generally;

{c) if he is convicted of any offence involving fraud or dishonesty; or

{d) if he becomes insane.

(2)

No person who is a managing director, director, chief executive, principal officer or controller or any member of his immediate family of a takaful operator shall hold shares or other interests in a company that carries on the business of a takaful broker.

(3)

For the purposes of subsection (2), "member of his immediate family"

includes the wife, husband, father, mother, son and daughter of a managing director, director, chief executive, principal officer or controller.

(4)

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000, imprisonment for a term not exceeding one year or both.