Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part IV · Governance of the Bank
20. Disclosure of interest
Feedback & supportA director who has any direct or indirect interest in any dealing or business with the Bank or in the exercise or proposed exercise by the Bank of a power shall disclose that 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 director of the Bank appointed under subsection 16(1), and includes the Governor and the Deputy Governors;
A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Board and, after the disclosure, the director—
shall not be present at, or take part in, any deliberation or decision of the Board with respect to that dealing or business or the exercise or proposed exercise of the power; and
shall be disregarded for the purpose of constituting a quorum of the Board for any such deliberation or decision.
No act or proceeding of the Board shall be invalidated on the ground of the contravention of subsection (1) by a director.
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Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
A director who fails to comply with subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.