Islamic Financial Services Act 2013 · s 67

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67.
Duty to disclose interests in material transaction or material arrangement
(1) A director of an institution shall disclose to the board of directors of the institution the nature and extent of his interest, whether directly or indirectly, in a material transaction or material arrangement with the institution.
(2) Whether or not a declaration under subsection (1) has been made, a director who has, directly or indirectly, an interest in a material transaction or material arrangement shall not be present at the board meeting where the material transaction or material arrangement is being deliberated by the board of directors.
(3) Where there is any change in the nature and extent of a director ’s interest in a material transaction or material arrangement subsequent to the disclosure pursuant to subsection (1), the director shall make a further disclosure of such changes in accordance with subsection (1).
(4) For the purposes of subsection (1), the Bank may specify—
(a) the time, form, manner, procedures or any other incidental or ancillary matters in which the disclosure under subsection (1) is to be made; and
(b) what constitutes a material transaction or material arrangement.

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s 67Duty to disclose interests in material transaction or material arrangement

(1)

A director of an institution shall disclose to the board of directors of the institution the nature and extent of his interest, whether directly or indirectly, in a material transaction or material arrangement with the institution.

(2)

Whether or not a declaration under subsection (1) has been made, a director who has, directly or indirectly, an interest in a material transaction or material arrangement shall not be present at the board meeting where the material transaction or material arrangement is being deliberated by the board of directors.

(3)

Where there is any change in the nature and extent of a director ’s interest in a material transaction or material arrangement subsequent to the disclosure pursuant to subsection (1), the director shall make a further disclosure of such changes in accordance with subsection (1).

(4)

For the purposes of subsection (1), the Bank may specify—

(a)

the time, form, manner, procedures or any other incidental or ancillary matters in which the disclosure under subsection (1) is to be made; and

(b)

what constitutes a material transaction or material arrangement.

Islamic Financial Services 93