s 12 Disclosure of director’s interest in contract, etc.
(1) A director having, directly or indirectly, by himself or his partner, any interest in any company or undertaking with which the Bank proposes to make any contract or having any interest in such contract or matter under discussion by the Bank, shall disclose the nature of his interest at the first meeting of the Board at which he is present after the relevant facts have come to his knowledge.
(2) A disclosure under subsection (1) shall be recorded in the minutes of the Board and, after disclosure, the director shall—
(a) not take part in any deliberation or decision of the Board with respect to that contract or matter; and
(b) be disregarded for the purpose of constituting a quorum of the Board for such deliberation or decision.
(3) No act or proceeding of the Board shall be questioned on the ground that a director has contravened the provisions of this section.
Malay text (authoritative)
Penzahiran kepentingan pengarah mengenai kontrak, dll.
(1) Seseorang pengarah yang mempunyai, secara langsung atau tidak langsung, dengan sendirinya atau melalui pekongsinya, apa-apa kepentingan mengenai sesuatu syarikat atau pengusahaan yang dengannya Bank bercadang hendak membuat sesuatu kontrak atau yang mempunyai apa-apa kepentingan mengenai kontrak atau perkara yang dibincangkan oleh Bank hendaklah menzahirkan jenis kepentingannya dalam mesyuarat pertama Lembaga yang dihadirinya selepas fakta yang berkaitan itu diketahui olehnya.
(2) Sesuatu penzahiran di bawah subseksyen (1) hendaklah direkodkan dalam minit Lembaga dan, selepas penzahiran itu, pengarah itu—
(a) tidak boleh mengambil bahagian dalam apa-apa pertimbangan atau keputusan Lembaga yang berhubungan dengan kontrak atau perkara itu; dan
(b) tidak boleh diambil kira bagi maksud mencukupkan kuorum Lembaga untuk pertimbangan atau keputusan itu.
(3) Tiada apa-apa perbuatan atau prosiding Lembaga boleh dipersoalkan atas alasan bahawa seseorang pengarah telah melanggar peruntukan seksyen ini.
Text as at 1 December 2011 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
