Section 15 — INTELLECTUAL PROPERTY CORPORATION OF MALAYSIA ACT 2002

(2)

A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Corporation or committee, as the case may be, in which the matter is discussed and, after the disclosure, the member—

(a)

shall be disregarded for the purpose of constituting a quorum of the meeting of the Corporation or committee, as the case may be; and

(b)

shall not take part in or be present during any discussion or decision of the Corporation or committee, as the case may be, when the matter is discussed or decided upon.

(3)

Any member of the Corporation or committee who fails to disclose his interest as provided under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.

Act 617

(4)

No act or proceeding of the Corporation or committee shall be invalidated on the ground that any member of the Corporation or committee has contravened the provisions of this section.

(5)

For the purpose of this section—

(a)

“a member of his family”, in relation to a member of the

Corporation or a committee, includes—

(i)

his spouse;

(ii)

his parent (including a parent of his spouse);

(iii)

his child (including an adopted child or stepchild);

(iv)

his brother or sister (including a brother or sister of his spouse); and

(v)

a spouse of his child, brother or sister; and

(b)

“associate”, in relation to a member of the Corporation or a committee, means—

(i)

any person who is a nominee or an employee of such member;

(ii)

any firm of which such member or any nominee of his is a partner;

(iii)

a partner of such member;

(iv)

a trustee of a trust under which such member or a member of his family is a beneficiary; or

(v)

any corporation, within the meaning of the

*Companies Act 2016 [Act 777], of which such member or any nominee of his or a member of his family is a director or has a controlling interest or shares to the total value of not less than thirty per cent of the total issued capital of the corporation.

*NOTE—This Act has repealed the Companies Act 1965 [Act 125]—see section 620 of Act 777.

Intellectual Property Corporation of Malaysia 17

Minutes