Malaysia legislation

Section 50

of *SECURITIES INDUSTRY (CENTRAL DEPOSITORIES) ACT 1991

Section 50

Where an offence against this Act has been committed by a body corporate, any person who at the time of the commission of the offence was a director, an executive officer or the secretary of the body corporate or was purporting to act in such capacity, shall be deemed to have committed that offence unless he proves that the offence was committed without his consent or connivance and that he

Securities Industry (Central Depositories) 61

exercised all due diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.

Section 50 — SECURITIES INDUSTRY (CENTRAL DEPOSITORIES) ACT 1991