Section 66. Disclosure of beneficial interest in voting shares.
(1) A licensee incorporated in Malaysia by notice in writing may require any of its members to inform it within such reasonable time as may be specified in the notice-
(a) whether he holds voting shares in the licensee as beneficial owner or as trustee; and
(b) if he holds them as trustee, to indicate so far as he can the person for whom he holds them by name and by any other particulars sufficient to enable that person to be identified and to determine the nature of his interest.
(2) Where a licensee is informed by a person under subsection (1) or under this subsection that another person has an interest in any of its voting shares or any of the voting shares in a company which holds its voting shares, the licensee may require by notice in writing that other person to inform it within such reasonable time as may be specified in the notice-
(a) whether he holds that interest as beneficial owner or as trustee; and
(b) if he holds that interest as trustee, to indicate so far as he can the person for whom he holds that interest by name and by any other particulars sufficient to enable that person to be identified and to determine the nature of his interest.
(3) A licensee or a company, to which this section applies, may require by notice in writing any of its members to inform it within such reasonable time as may be specified in the notice, whether any of the voting rights carried by any voting shares in the licensee or company held by him are the subject of an agreement or arrangement under which another person is entitled to control his exercise of those rights and, if so, to give particulars of the agreement or arrangement and the parties to it.
(4) Subject to subsection (5), a person commits an offence if he-
(a) fails to comply with a notice under this section; or
(b) in purported compliance with a notice under this section, makes a statement which he knows to be false in a material particular or recklessly makes a statement which is false in a material particular.
Penalty: One million ringgit. Default penalty.
(5) A person shall not be guilty of an offence under paragraph (4)(a) if he proves that the information in question was already in the possession of the licensee or that the requirement to give it was for any other reason frivolous or vexatious.