Malaysia legislation
Section 9
Section 9
New section 31ea
The principal Act is amended by inserting after section 31e the following section:
“Audit Oversight Board may establish committees 31ea. (1) The Audit Oversight Board may establish such committees as it considers necessary or expedient to assist in the performance of its responsibilities as specified under subsection 31e(1).
(2)
The Audit Oversight Board may appoint any person to be a member of a committee.
(3)
A committee established under this section may elect any of its members to be chairman and may regulate its own procedures and, in the performance of its responsibilities, shall be subject to and act in accordance with any direction given to the committee by the Audit Oversight Board.
(4)
Meetings of a committee shall be held at such times and places as the chairman of the committee may determine.
(5)
A committee may invite any person who is not a member to attend any meeting of the committee for the purpose of advising it on any matter under discussion but that person is not entitle to vote at the meeting.
(6)
Members of a committee or any person invited under subsection (5) to attend any meeting of a committee may be paid such allowances and other expenses as the Audit
Oversight Board may determine.
(7)
A member of a committee shall hold office for such term as may be specified in his instrument of appointment and is eligible for reappointment.
(8)
The Audit Oversight Board may at any time revoke the appointment of any member of a committee.
(9)
A member of a committee may at any time resign his office by a written notice addressed to the executive chairman of the Audit Oversight Board.
(10)
A committee shall cause—
(a)
minutes of all its meetings to be maintained and kept in proper form; and
(b)
copies of the minutes of all its meetings to be submitted to the Audit Oversight Board as soon as practicable.
(11)
Any minutes made of a meeting of a committee shall, if duly signed, be admissible in evidence in all legal proceedings without further proof.
(12)
Every meeting of a committee in respect of the proceedings of which minutes have been made in accordance with subsections (10) and (11) shall be deemed to have been duly convened and held and all members of the committee have been duly qualified to act.
Securities Commission (Amendment)
(13)
A member of the committee who having directly or indirectly, by himself or a member of his family, any interest in any matter under discussion by the committee shall disclose to the committee the fact and nature of his interest.
(14)
A disclosure under subsection (13) shall be recorded in the minutes of the committee, and after the disclosure, the member having an interest in the matter—
(a)
shall not take part nor be present in any deliberation or decision of the committee; and
(b)
shall be disregarded for the purpose of constituting a quorum of the committee relating to the matter.
(15)
Notwithstanding subsections (13) and (14), no act or proceedings of the committee shall be invalidated on the ground that any member of the committee has contravened the provisions of those subsections.”.
Amendment of section 31l