Securities Commission Act 1993 · Updated to 1 Mar 2016 · Part II · Securities Commission Malaysia
13. Disclosure of interest
Feedback & supportA member of the Board or any member of the Board committee who has or acquires a direct or indirect interest in relation to any matter under discussion by the Board or Board committee shall disclose to the Board or Board committee, as the case may be, the existence of his interest and the nature of that interest.
(Deleted by Act A926).
A disclosure under subsection (1) shall be recorded in the minutes of the Board or Board committee, as the case may be, and, after the disclosure, the member—
Board committee
“Board committee” means any committee established by the Board under section 18;
shall not take part nor be present in any deliberation or decision of the Board or Board committee, as the case may be; and
shall be disregarded for the purpose of constituting a quorum of the Board or Board committee, as the case may be, relating to the matter.
Any member of the Board or Board committee who fails to disclose his interest as provided under subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or imprisonment for a term not exceeding five years or to both.
No act or proceedings of the Board or Board committee shall be invalidated on the ground that any member of the Board or Board committee has contravened the provisions of this section.
(Deleted by Act A926).