Bank Simpanan Nasional Act 1974 · Updated to 1 Dec 2011 · Part III · Constitution of the Bank
12. Disclosure of director’s interest in contract, etc.
Official textFrom Laws of Malaysia Online, unchanged
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.
director
“director” means a member of the Board appointed under section 6 and includes the Chairman and alternate director;
A disclosure under subsection (1) shall be recorded in the minutes of the Board and, after disclosure, the director shall—
not take part in any deliberation or decision of the Board with respect to that contract or matter; and
be disregarded for the purpose of constituting a quorum of the
Board for such deliberation or decision.
No act or proceeding of the Board shall be questioned on the ground that a director has contravened the provisions of this section.
Terms defined in s 2
Bank
Defined · s 2“Bank” means the Bank Simpanan Nasional established under section 3; ______________________________________________________________ *NOTE—This Act will be repealed by Bank Simpanan Nasional Berhad Act 1997 when…
director
Defined · s 2“director” means a member of the Board appointed under section 6 and includes the Chairman and alternate director;
interest
Defined · s 2“interest” includes bonus and such other pecuniary benefits (by whatever name called) payable on deposits and other accounts with the Bank;
Part IV
Officers and Employees of the Bank
Part V
Provisions Relating to the Carrying on of Business of the Bank
Part VI
Financial Provisions
Part VII
General
Part VIII