Malaysia legislation
Section 39
of Act 125
Section 39
(a)
he commits an act of bankruptcy pursuant to section 3 of the Bankruptcy Act, 1967; or
(b)
he is convicted of—
(i)
any offence in connection with the promotion formation or management of a corporation;
(ii)
any offence involving fraud or dishonesty punishable on conviction with imprisonment for three months or more; or
(iii)
any offence under section 132 or 303 of the Companies Act, 1965.
(2)
No person who has been a director of or directly concerned in the management of a licensed borrowing company which has been wound up by the Court pursuant to section 218 of the Companies Act, 1965, shall without the express authority of the Minister act or continue to act as a director or be indirectly concerned in the management of any licensed borrowing company.
(3)
Any person acting in contravention of sub-section (1) or (2) is guilty of an offence and shall, on conviction, be liable to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding three years or to both.