Malaysia Co-Operative Societies Commission Act 2007 · s 21

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s 21Disclosure of interest

(1)

A director, or a member of a committee, who has or acquires, a direct or indirect, interest in relation to any matter under discussion by the Board or committee shall disclose to the Board or committee, as the case may be, the existence of his interest and nature thereof.

(2)

A disclosure under subsection (1) shall be recorded in the minutes of the Board or committee, as the case may be, and after the disclosure, the director or member of the committee shall—

(a)

not take part nor be present in any deliberation or decision of the Board or committee, as the case may be; and

(b)

be disregarded for the purpose of constituting a quorum of the Board or committee, as the case may be, relating to the matter.

(3)

No act or proceedings of the Board or committee shall be invalidated on the ground that any director or any member of the committee has contravened the provisions of this section.