Bank Simpanan Nasional Act 1974 · s 12

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s 12Disclosure of director’s interest in contract, etc.

(1)

A director having, directly or indirectly, by himself or his partner, any interest in any company or undertaking with which the Bank proposes to make any contract or having any interest in such contract or matter under discussion by the Bank, shall disclose the nature of his interest at the first meeting of the Board at which he is present after the relevant facts have come to his knowledge.

(2)

A disclosure under subsection (1) shall be recorded in the minutes of the Board and, after disclosure, the director shall—

(a)

not take part in any deliberation or decision of the Board with respect to that contract or matter; and

(b)

be disregarded for the purpose of constituting a quorum of the

Board for such deliberation or decision.

(3)

No act or proceeding of the Board shall be questioned on the ground that a director has contravened the provisions of this section.