Section 14

Subject to the provisions of this section, it shall be the duty of a member of the

Corporation who is in any way, whether directly or indirectly, interested in an application to the Corporation for a loan or guarantee under the provisions of this Enactment or in a contract or proposed contract with the Corporation or in any company or firm which is in receipt of, or applying for, such a loan or guarantee or which is so interested in such a contract or proposed contract to declare the nature of his interest at a meeting of the

Corporation.

In the case of such application or proposed contract the declaration required by this section to be made by a member of the Corporation shall be made at the meeting of the

Corporation at which the question of granting or refusing the application or entering into the contract is first taken into consideration, or if such member is not present at such meeting then at the next meeting which he attends, or if such member was not at the date of such meeting interested in the application or proposed contract or did not on the said date have an interest in any such firm or company as is referred to in subsection (1), the said declaration shall be made at the next meeting of the Corporation after he become so interested or acquired such an interest.

For the purpose of this section, a general notice given to the other members of the Corporation by a member to the effect that he is also a member of a specified company or firm and is to be regarded as interested in any application for a loan or guarantee from the

Corporation or in any contract which may, after the date of the notice, be made by or with that company or firm, shall be deemed to be a sufficient declaration of interest in relation to any application or contract so made:

Provided that no such notice shall be of effect unless either it is given at a meeting of the

Corporation or the member of the Corporation concerned takes reasonable steps to secure that it is brought up and read at the next meeting of the Corporation after it is given.

No member of the Corporation shall sit or take part in proceedings or vote on the decision of any application to the Corporation for a loan or guarantee or in respect of any contract or arrangement in which he is interested whether directly or indirectly, and whether

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personally or by virtue of an interest in any company or firm, and if he shall vote his vote shall not be counted.

Any member of the Corporation who fails to comply with any of the provisions of subsections (1), (2) and (3) or contravenes any of the provisions of subsection (4) shall be guilty of an offence, and shall, on conviction thereof, be liable to a fine of one thousand ringgit and to imprisonment for six months.

Power to appoint committee.