Malaysia legislation
Section 23
Section 23
(2)
Any member of the Board, the Investment Panel or committee who fails to disclose his interest as provided under subsection (1) shall be guilty of an offence and shall, on conviction, be liable to imprisonment for a term not exceeding three years or to a fine not exceeding ten thousand ringgit or to both.
(3)
Every declaration under this section shall be recorded in the minutes of the Board, the Investment Panel or committee, and after any declaration made under subsection (1) the member of the Board, the
Investment Panel or committee, as the case may be, shall—
Employees Provident Fund 25
(a)
not take part nor be present in any deliberation or decision of the Board, the Investment Panel or committee relating to the matter; and
(b)
be disregarded for the purposes of constituting a quorum of the Board, the Investment Panel or committee for such deliberation or decision.
(4)
No act or proceedings of the Board, the Investment Panel or committee shall be invalidated on the ground that any member of the
Board, the Investment Panel or committee has contravened the provisions of this section.
Establishment of Shariah Advisory Committee