Takaful Order, 2008 · As enacted · Part III
44. Disqualification of managing director, director etc.
Official textFrom Attorney General's Chambers, unchanged
( 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 -
principal officer
"principal officer" means a person, by whatever designation so called, appointed by a takaful operator and charged with the responsibility of managing the affairs of that takaful operator;
fa} if he has been adjudged bankrupt;
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{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.
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.
takaful operator
"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;
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.
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.
Terms defined in s 2
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
principal officer
Defined · s 2"principal officer" means a person, by whatever designation so called, appointed by a takaful operator and charged with the responsibility of managing the affairs of that takaful operator;
takaful broker
Defined · s 2"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
takaful operator
Defined · s 2"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;