Securities Commission Act 1993 · Updated to 1 Mar 2016 · Part III · Finance
31G. Disclosure of interest
Feedback & supportA member of the Audit Oversight Board having directly or indirectly, by himself or a member of his family, any interest in any matter under discussion by the Audit Oversight Board shall disclose to such Board the fact and nature of his interest.
Audit Oversight Board
“Audit Oversight Board” means the Audit Oversight Board established under section 31C;
A disclosure under subsection (1) shall be recorded in the minutes of the Audit Oversight Board and, after the disclosure, the member having an interest in the matter—
shall not take part nor be present in any deliberation or decision of the Audit Oversight Board; and
shall be disregarded for the purpose of constituting a quorum of the Audit Oversight Board.
Any member of the Audit Oversight Board who fails to disclose his interest as provided under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both.
Securities Commission Malaysia 49
Commission
“Commission” means the Securities Commission Malaysia established under section 3;
No act or proceedings of the Audit Oversight Board shall be invalidated on the ground that any member of the Audit Oversight
Board has contravened the provisions of this section.