Section 11
of Lembaga Letrik Sabah Act 1983
Section 11
Every person appointed to be a member of the Board shall, within three months after his appointment, sell or dispose of all shares in any energy undertaking which, at the time of his appointment, he owns or is interested in for his own benefit, and it shall not be lawful for any member of the Board, whilst he holds office as such, to purchase or become interested in for his own benefit any shares in any energy undertaking, and, if any member of the Board becomes entitled, for his own benefit, under any will or succession to any shares in any energy undertaking, he shall sell or dispose of the same within three months after he has become entitled thereto:
Provided that the Minister may waive the requirements of this subsection in any specific case.
(2)
Any member of the Board who retains, purchases, takes or becomes or remains interested in any shares in any energy undertaking in contravention of the provisions of this section shall be disqualified from, and be deemed to have vacated his office as such member, and the Chairman shall cause an entry to that effect to be made in the minutes of the Board as soon as practicable after the fact of any such contravention comes to his knowledge.
(3)
The fact of any person disqualified under this section having sat on, or taken part in any proceedings of, the Board before such entry as aforesaid has been made in the minutes shall not invalidate any resolution or proceedings of the Board.
(4)
In this section—
"shares in any energy undertaking" means any stock, shares, debentures, debenture stock, bonds or other securities of any company engaged in the State in the generation, distribution or supply of energy, or the manufacture therein of electrical equipment, and includes any share or interest in any unincorporated undertaking similarly engaged.