Malaysia legislation
Section 11
Section 11
(2)
A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Board, Investment Panel or committee, as the case may be, in which the matter is discussed and, after the disclosure, the member—
(a)
shall not be present or take part in any discussion or decision of the Board, Investment Panel or committee, as the case may be, about the matter; and
(b)
shall be disregarded for the purpose of constituting a quorum of the Board, Investment Panel or committee, as the case may be, when the matter is discussed or decided upon.
(3)
A member of the Board, Investment Panel or committee who fails to disclose his interest as required under subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both.
16 Laws of Malaysia Act 662
(4)
No act or proceedings of the Board, Investment Panel or committee shall be invalidated on the ground that any member of the
Board, Investment Panel or committee has contravened this section.
(5)
For the purposes of this section—
“a member of his family”, in relation to a member of the Board,
Investment Panel or committee, includes—
(a)
his spouse;
(b)
his parent (including a parent of his spouse);
(c)
his child (including an adopted child or stepchild);
(d)
his brother or sister (including a brother or sister of his spouse); and
(e)
a spouse of his child, brother or sister;
“associate”, in relation to a member of the Board, Investment Panel or committee, means—
(a)
a person who is a nominee or an employee of the member;
(b)
a firm of which the member or any nominee of his is a partner;
(c)
a partner of the member;
(d)
a trustee of a trust under which the member or a member of his family is a beneficiary; or
(e)
any corporation within the meaning of the Companies
Act 1965, of which the member or any nominee of his or a member of the member’s family is a director or has a substantial shareholding in the corporation.
Retirement Fund 17
Power of the Board to make regulations