The recent discovery of chemical ordering in quaternary borides offers new ways of exploring properties and functionalities of these laminated phases. Here, we have synthesized and investigated chemical ordering of the laminated Mo4MnSiB2(T2) phase, thereby introducing a magnetic element into the family of materials coined o-MAB phases. By X-ray diffraction and scanning transmission electron microscopy, we provide evidence for out-of-plane chemical ordering of Mo and Mn, with Mo occupying the 16l site and Mn preferentially residing in the 4c site. Mn and B constitute quasi-two-dimensional layers in the laminated material. We have therefore also studied the magnetic properties by magnetometry, and no sign of long-range magnetic order is observed. An initial assessment of the magnetic ordering has been further studied by density functional theory (DFT) calculations, and while we find an antiferromagnetic configuration to be the most stable one, ferromagnetic ordering is very close in energy.