Malaysia legislation
Section 30
Section 30
A prescribed institution may, whether from its own funds or any trust fund it manages under section 43, and notwithstanding paragraph 28(3)(a), grant a financing facility to the spouse, child or parent of any of its directors or officers for the purchase of a house if—
(a)
the person to whom the financing facility is given has creditworthiness which is not less than that normally required by the prescribed institution of other persons to whom financing facilities are given;
(b)
the terms of the financing facility are not less favourable to the prescribed institution than those normally offered to other persons;
(c)
the giving of the financing facility will be in the interests of the prescribed institution; and
(d)
the financing facility is approved by all other directors of the prescribed institution at a duly constituted meeting of the directors where not less than three quarters of all the directors of the prescribed institution are present and such approval has been recorded in the minutes of that meeting.
Disclosure of director’s interest