Malaysia legislation
Section 64
Section 64
(2)
For the purposes of subsection (1), a general notice in writing served on each of the directors of a licensed institution referred to in that subsection by a director to the effect that he is a director, officer or member of the body corporate or unincorporate, or a director or officer of the sole proprietorship, to which the credit facility is proposed to be given shall be deemed to be sufficient declaration of interest in relation to such proposed credit facility if the provisions of subsection (3) are also complied with.
(3)
A notice under subsection (2) shall—
(a)
specify the nature and extent of the director's interest in the body or sole proprietorship referred to in that subsection; and
(b)
be brought up and read at the meeting of the directors of such institution at which it is served or, if it is not served at a meeting of directors, at the next meeting of directors after it has been served on each of the directors.
(4)
Every director of a licensed local institution who holds any office, or possesses any property, whereby, directly or indirectly, duties or interests might be created in conflict with his duties or interests as a director of such licensed institution, shall declare at a meeting of the directors of such licensed institution the fact of his holding such office or possessing such property and the nature, character and extent of the conflict.
(5.) The declaration referred to in subsection (4) shall be made at the first meeting of the directors held—
(a)
after he becomes a director of the licensed institution;
(b)
if already a director, after he commences to hold the office or to possess the property; or
(c)
after the effective date, if already a director, immediately before the effective date, of a licensed discount house or a licensed moneybroker, as the case may be.
(6)
The secretary of the licensed institution or its other officer referred to in subsection (1) shall record any declaration made under this section in the minutes of the meeting at which it was made or at which it was brought up and read.