Malaysia legislation
Section 19
Section 19
(2)
For the purposes of subsection (1), a general notice given to the board of directors of an operator by a director to the effect that he has an interest in a specified enterprise, undertaking, firm or company and that he is to be regarded as having an interest in an advance, a loan, a credit facility, or a financing facility which may, after the date of the notice, be granted to that enterprise, undertaking, firm or company shall be deemed to be sufficient declaration of interest in relation to an advance, a loan, a credit facility, or a financing facility so granted if—
(a)
it specifies the nature and extent of his interest in that enterprise, undertaking, firm or company; and
(b)
at the time an advance, a loan, a credit facility, or a financing facility is made, his interest is not different in nature or greater in extent than had been specified in the notice.
(3)
Every director of an operator who holds an office or possesses any property whereby whether directly or indirectly a duty or an interest may arise in conflict with his duty or interest as such the director shall declare at a meeting of the directors of the operator the fact, nature, and extent of the conflict which may arise.
(4)
The declaration referred to in subsection (3) shall be made at the first meeting of the directors held—
(a)
after the person becomes a director of the operator; or
(b)
(if already a director) after the person commenced to hold office or to possess the property whereby the conflict may arise.
(5)
The secretary to the board of directors of the operator shall cause to be brought up and read any declaration made or notice given under this section at the next meeting of the directors after the declaration is made or the notice is given and he shall record the same in the minutes of that meeting.
(6)
Any director or secretary to a board of directors who acts in contravention of this section shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit or to an imprisonment for a term not exceeding three years or to both.