Malaysia legislation
Section 15
Section 15
(a)
any share or interest —
(i)
in a contract or an arrangement made with the
Perbadanan;
(ii)
in any work to be done for the Perbadanan; or
(iii)
in a company, firm or an undertaking with which the
Perbadanan proposes to enter into a contract or an agreement; or
(b)
any beneficial interest in immovable property proposed to be purchased or otherwise acquired or leased or otherwise dealt with by the Perbadanan, shall declare the nature and extent of his share or interest to the
Perbadanan or committee, as the case may be.
(2)
The declaration required to be made by a member under subsection (1) shall be made at the meeting of the Perbadanan or committee at which any question relating to such contract, arrangement, work, purchase or other acquisition or lease or other dealing is first taken into consideration or at the earliest opportunity after the acquisition of such share or interest.
20 Laws of Malaysia ACT 244
(3)
For the purposes of this section, a notice given to the other members by a member to the effect that he has such share or interest as is specified in subsection (1) and is to be regarded as interested in any such contract, arrangement, work, purchase or other acquisition or lease or other dealing which may, after the date of the notice, be made with, or be required to be carried out by, the company, firm or undertaking in question shall be deemed to be sufficient declaration of interest in relation thereto:
Provided that such notice shall be of no effect unless it is given at a meeting of the Perbadanan or committee or the member concerned takes all reasonable steps to ensure that it is brought up and read at the next meeting of the Perbadanan or committee after it is given.
(4)
Every declaration made in pursuance of this section shall be recorded in the minutes of the meeting at which it is made or read and shall have no effect until it is so recorded.
(5)
A member shall not vote upon any resolution or question relating to any such contract, arrangement, work, purchase or other acquisition, or lease or other dealing in which he has any share or interest whether or not he has declared the same, nor shall he take part in any deliberation (except on the invitation of the Perbadanan or committee) or decision relating thereto or to any matter incidental thereto, and if he shall do so his vote shall not be counted, nor shall he be counted in the quorum present at the meeting for the purposes of such resolution or question.
(6)
A member shall not be deemed to have a share or interest under this section by reason only of his being a shareholder in the company with which it is proposed that the Perbadanan shall enter into a contract or an arrangement unless he has a controlling interest in that company.
(7)
A member who contravenes any of the provisions of this section shall be guilty of an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding twenty-five thousand ringgit or to both.
Perbadanan Kemajuan Filem 21
Nasional Malaysia