Malaysia legislation
Section 15
Section 15
(2)
A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Commission or 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 deliberation or decision of the Commission or committee, as the case may be; and
(b)
shall be disregarded for the purpose of constituting a quorum of the Commission or committee, as the case may be, when the matter is discussed or decided upon.
Competition Commission 15
(3)
A member of the Commission or committee who fails to disclose his interest as required under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding five years or to both.
(4)
No act or proceedings of the Commission or committee shall be invalidated on the ground that any member of the Commission or committee has contravened this section.
(5)
For the purposes of this section—
“a member of his family”, in relation to a member of the
Commission or a committee, includes—
(a)
his spouse;
(b)
his parent (including a parent of his spouse);
(c)
his child (including an adopted child or stepchild);
(d)
his brother or sister (including a brother or sister of his spouse); and
(e)
a spouse of his child, brother or sister; and
“associate”, in relation to a member of the Commission 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
[Act 125], 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.
*NOTE—The Companies Act 1965 [Act 125] has been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.
Act 713