Business Legal

Amendment submitted to change duration period of Bank’s Board of Directors

Ruling Party member Jameel Usman has submitted amendments to Maldives Banking Act (24/2010).

Amendments to Article 15 (b) is a change to the duration of the board members. The newly submitted amendment sees the duration of board members being changed from 4 (four) years to 3 (three) years.

Amendments to Article 15 (c) states that a member elected to the Board of Directors must be between the age of 25 (twenty-five) and 60 (sixty) years.

The current act states that a member elected to the board can be between the age of 30 (thirty) and 70 (seventy) years. It also enables MMA (Maldives Monetary Authority) to extend the age limit if a member of Directors boards age is past the age.

Full details are available at the link below:

Source URL: Corporate Maldives

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