Malaysia legislation
Section 20
Section 20
(2)
A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Board and, after the disclosure, the director—
(a)
shall not be present at, or take part in, any deliberation or decision of the Board with respect to that dealing or business or the exercise or proposed exercise of the power; and
(b)
shall be disregarded for the purpose of constituting a quorum of the Board for any such deliberation or decision.
(3)
No act or proceeding of the Board shall be invalidated on the ground of the contravention of subsection (1) by a director.
Central Bank of Malaysia 31
(4)
A director who fails to comply with subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.
Board committees