Section 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 –
(a)
if he has been adjudged bankrupt;
(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 $20,000, imprisonment for a term not exceeding one year or both.
Duty to notify change of controller, managing director, director, chief executive or principal officer.