Section 15. Disclosure of interest. (COMPANIES COMMISSION OF MALAYSIA ACT 2001

ACT 614
COMPANIES COMMISSION OF MALAYSIA ACT 2001

PART II - THE COMMISSION

Section 15. Disclosure of interest.

(1) A member of the Commission or any committee who has or acquires a direct or indirect interest by himself, a member of his family or his associate in relation to any matter under discussion by the Commission or committee shall disclose to the Commission or committee, as the case may be, the fact of his interest and its nature.

(2) A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Commission or committee, as the case may be, in which the matter is discussed and, after the disclosure, the member—

(a) shall be disregarded for the purpose of constituting a quorum of the meeting of the Commission or committee, as the case may be; and

(b) shall not take part in or be present during any discussion or decision of the Commission or committee, as the case may be,

when the matter is discussed or decided upon.

(3) Any member of the Commission or committee who fails to disclose his interest as required under subsection (1) commits an offence and shall be liable on conviction to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.

(4) No act or proceeding of the Commission or committee shall be invalidated on the ground that any member of the Commission or committee has contravened the provisions of this section.

(5) For the purpose of this section—

(a) "a member of his family", in relation to a member of the Commission or a committee, includes—

(i) his spouse;

(ii) his parent (including a parent of his spouse) ;

(iii) his child (including an adopted child or stepchild) ;

(iv) his brother or sister (including a brother or sister of his spouse) ; and

(v) a spouse of his child, brother and sister; and

(b) "associate", in relation to a member of the Commission or a committee, means—

(i) any person who is a nominee or an employee of such member;

(ii) any firm of which such member or any nominee of his is a partner;

(iii) a partner of such member;

(iv) a trustee of a trust under which such member or a member of his family is a beneficiary; or

(v) any corporation within the meaning of the Companies Act 1965, of which such member or any nominee of his or a member of his family is a director or has a controlling interest or shares to the total value of not less than thirty percent of the total issued capital of the corporation.