Malaysia legislation
Section 18
Section 18
(a)
his spouse;
(b)
his parent (including a parent of his spouse);
(c)
his child (including step child or legally adopted child);
(d)
his brother or sister (including a brother or sister of his spouse); and
(e)
a spouse of his child, brother or sister;
“associate”, in relation to a member of the Board or a committee, means—
(a)
a person who is a nominee or an employee of the member;
(b)
a firm of which the member or any nominee of his is a partner;
(c)
a partner of the member;
(d)
a trustee of a trust under which the member or a member of his family is a beneficiary; or
(e)
any corporation within the meaning of the Companies
Act 1965, of which the member or any nominee of his or a member of the member’s family is a director or has a substantial shareholding in the corporation.
Act 763
(2)
A member of the Board or any committee established under section 17 who has or acquires a direct or indirect interest whether by himself, a member of his family or his associate in relation to any matter under discussion by the Board or the committee shall disclose to the Board or the committee, as the case may be, the fact of his interest and the nature of that interest.
(3)
A disclosure under subsection (2) shall be recorded in the minutes of the meeting of the Board or the committee, as the case may be, in which the matter is discussed and, after the disclosure, the member—
(a)
shall not be present or take part in any discussion or decision of the Board or the committee, as the case may be, about the matter; and
(b)
shall be disregarded for the purpose of constituting a quorum of the Board or the committee, as the case may be, when the matter is discussed or decided upon.
(4)
A member of the Board or the committee who fails to disclose his interest as required under subsection (2) 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 two years or to both.
(5)
No act or proceedings of the Board or the committee shall be invalidated on the ground that any member of the Board or committee has contravened this section.