Malaysia legislation
Section 31
Section 31
(2)
(Deleted by Act A1502).
(3)
For the purposes of subsection (1), a general notice in writing served on each director of the prescribed institution by a director to the effect that he is a director, officer or member of the body corporate or unincorporate or a director or officer of the sole proprietorship to which the financing facility is proposed to be given shall be deemed to be sufficient declaration of interest in relation to such proposed financing facility if the general notice—
(a)
sets out the nature and extent of his interest in the body or sole proprietorship, as the case may be; and
(b)
is brought up and read at the meeting of the directors of the prescribed institution at which it is served or, if it is not served at a meeting of directors, at the next meeting of directors after it has been served on each director.
(4)
Every director of a prescribed institution who holds any office, or possesses any property, whereby, directly or indirectly, duties or interests might be created in conflict with his duties or interests as a director of the prescribed institution shall declare at a meeting of the directors of the prescribed institution the fact of his holding such office or possessing such property and the nature, character and extent of the conflict.
(5)
The declaration referred to in subsection (4) shall be made at the first meeting of the directors held—
(a)
after he becomes a director of the prescribed institution; or
(b)
if already a director, after he commences to hold such office or to possess such property.
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(6)
The secretary of the prescribed institution or the other officer referred to in subsection (1) shall record any declaration made under this section in the minutes of the meeting at which it was made or at which it was brought up and read.
(7)
(Deleted by Act A1502).
Control of credit limit