Section 29. Amendment of section 132. (Companies (Amendment) Act 1985

Act A616
Companies (Amendment) Act 1985

Section 29. Amendment of section 132.

Section 132 of the principal Act is amended-

(a)

by inserting the word "improper" immediately after the word "make" appearing in line I of subsection

132. (2);

(b)

by deleting the word "improper" appearing in line 4 of subsection (2);

(c)

by inserting the words "or officer of the Stock Exchange" immediately after the words "officer

or agent of the company" appearing in lines 1 and 3 respectively of subsection (2) and immediately after "officer or agent" in line 1 of subsection (3);

(d)

by substituting a new penalty provision at the end of subsection (3) as follows:

"Penalty: Imprisonment for five years or thirty thousand ringgit.'';

(e)

by deleting subsection (4); and

(f)

by substituting for the definition of "agent" insubsection (6) with the following:

' " agent" includes a banker, advocate and solicitor, auditor, accountant or stockbroker of the corporation and any person who is or at any time in the preceding six months has been knowingly connected with the corporation and has information which-

(a)

he holds by virtue of being connected with the corporation;

(b)

it would be reasonable to expect a person so connected and in the position by virtue he is so connected not to disclose except for the proper performance of the functions attaching to that position; and

(c)

he knows is unpublished price sensitive information in relation to the securities of the corporation.'.