Malaysia legislation
Section 16
of Statutory Bodies (Financial and Accounting Procedure) Ordinance, 1995
Section 16
(a)
acquire, apply for allotment or cause to be issued to him, either directly or indirectly, any share or interest in any holding or subsidiary or related company of that statutory body;
(b)
enter into any contract or proposed contract with any holding or subsidiary company of that statutory body;
16
(c)
acquire, directly or indirectly, any of the assets, both moveable or immovable, of the holding or subsidiary or related company of that statutory body; or
(d)
undertake to provide or carry out any work or render any services of whatever nature to a holding or subsidiary or related company of that statutory body.
(2)
Any acquisition, contract, undertaking or allotment made in contravention of subsection (1) shall be voidable at the instance of the statutory body or the holding or subsidiary or related company thereof.
(3)
Without prejudice to subsection (2), any member who contravenes subsection (1) shall have his appointment as a member of that statutory body revoked by the authority which appointed him, and the services of any officer, staff or employee of the statutory body who acted in contravention of subsection (1) shall, notwithstanding any provision in his terms of his employment with the statutory body, be liable to be terminated.
Surcharge