Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part VII · Auditor and Accounts
80. Liability where accounting records and information not kept
Feedback & supportIf accounting records or information necessary to exhibit and explain the transactions and true financial condition of a prescribed institution are not kept, a past and present employee of the prescribed institution responsible for keeping proper accounting records or information commits an offence unless he proves that the offence was committed without his consent or connivance and that he exercised such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his function in that capacity and to the circumstances.
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
*NOTE—For application to Bank Simpanan Nasional–see subsubparagraph 2(b)(ii) of the Development
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
Financial Institutions (Bank Simpanan Nasional) (Modification) Order 2004 [P.U. (A) 147/2004] which comes into operation on 15 February 2002.
modification
“modification” includes amendment, adaptation, alteration, variation, addition, division, substitution or exclusion;
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For the purposes of subsection (1), “accounting records” has the same meaning as in the *Companies Act 1965.
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.
person
“person” includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;