Malaysia legislation
Section 12
Section 12
Section 11 of the principal Act is amended—
(a)
by substituting for subsection (1) the following subsection:
“(1) A director of a prescribed institution who has an interest, directly or indirectly, in a transaction or arrangement with the prescribed institution, or in any matter being or about to be considered by the prescribed institution, shall, as soon as practicable, disclose to the board of directors of the prescribed institution the nature and extent of his interest.”;
(b)
by deleting subsections (2) and (4);
(c)
in subsection (5), by substituting for the words “After the disclosure has been made and recorded, the director shall, in relation to that matter” the words “Whether or not a disclosure under subsection (1) has been made, the director shall, in relation to that transaction, arrangement or matter”; and
(d)
by deleting subsection (6).
Amendment of section 12