Takaful Act 1984 s 19

This legislation has been repealed. Do not cite it as law in force.

Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.

s 19

(1) Every director of an operator who in any Disclosure manner whatsoever has an interest, whether directly or of interests by directors. indirectly, in an advance, a loan, a credit facility, or a facility from that operator shall as oracticable make to the operator a declaration ir writing as to the nature and extent of his interest and the operator shall within seven days of its receipt furnish copies of that declaration to the Director General, its auditor, and all its directors. (2) For the purposes of subsection (1), a general 1otice given to the board of directors of an operato v a director to the effect that he has an interest ır specified enterprise, undertaking, firm or company and that he is to be regarded as having an interest in an advance, a loan, a credit facility, or a financing facility which may, after the date of the notice, be granted to that enterprise, undertaking, firm or company shall be deemed to be sufficient declaration of interest in relation to an advance, a loan, a credit facility, ot a financing facility so granted if- (a) it specifies the nature and extent of his interest in that enterprise, undertaking, firm or company; and (b) at the time an advance, a loan, a credit facility, or a financing facility is made, his interest is not different in nature or greater in extent than had been specified in the notice. Requirements as to docuevidencing title to assetsof funds. [Pt. II, S. 19-20] (3) Every director of an operator who holds an office or possesses any property whereby whether directly or indirectly a duty or an interest may arise in conflict with his duty or interest as such the director shall declare at a meeting of the directors of the operator the fact, nature, and extent of the conflict which may arise. (4) The declaration referred to in subsection (3) shall be made at the first meeting of the directors held— (a) after the person becomes a director of the operator; or (b) (if afready a director) after the person commenced to hold office or to possess the property whereby the conflict may arise. (5) The secretary to the board of directors of the operator shall cause to be brought up and read any declaration made or notice given under this section at the next meeting of the directors after the declaration is made or the notice is given and he shall record the same in the minutes of that meeting. (6) Any director or secretary to a board of directors who acts in contravention of this section shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit or to an imprisonment for a term not exceeding three years or to both.

Malay text (authoritative)

(l) Setiap pengarah pengendali yang dengan apaapa cara jua pun mempunyai kepentingan, sama ada secara langsung atau secara tak langsung, dalam penahuluan, pinjaman, kemudahan kredıt alau kemu ahan pembiavaan dari pengendali hendaklah denga seberapa segera yang praktik membuał suatu akuaı secara bertulis ikepada pengendali tentang Jenis daı takat kepentingannya dalam masa tujuh hari selepas penerımaannya, member salinan akuan itu kepada Ketua Pengarah, Juruauditny (2) Bagi maksud-maksud subseksyen (1), suatu notis am yang diberi kepada lembaga pengarah pengendali seorang pengarah yang menyatakan bahawa dia mempunyai kepentingan enterpris, firma, atau syarikat tertentu bahawa dia hendaklah dianggap mémpunyai kepentingan dalam pendahuluan, pinjaman, kemudahan kredit atau kemudahan pembiayaan yang boleh, selepas tarikh notis itu, diberikan kepada enterpris, pengusahaan, firma atau syarikat itu hendaklan disifatkan sebagai akuan yang mencukupi tentang kepentingan berhubungan dengan mndahan pe, biayamı ya kg düdar sedkikian tau ke- (a) ia menyatakan jenis dan takat kepentingannya enterpris, pengusahaan, firma syarikat itu; dan (b) pada masa pendahuluan, pinjaman atau kemudahan kredit atau kemudahan pembuayaan itu dibuat, kepentingannya tidak berbeza dari segi jenis atau lebih takatnya daripada yang telah dinyatakan dalam notis itu. (3) Setiap pengarah pengendali yang memegang sesuatu jawatan atau memiliki apa-apa harta yang kerananya, sama ada secara langsung atau secara tak langsung, suatu tugas atau suatu kepentingan mungkin timbul yang bercanggah dengan tugas atau kepentıngan yang sedemikian itu, pengarah itu hendaklah membuat akuan dalam mesyuarat pengarah pengendali akan fakta, .jenis dan takat percanggahan yang mungkin timbul itu. (4) Akuany hendaklah dibi pertama yanlg (a) setelah (b) (jika tt itu m harta mung (5) Setiausi lah menyeba yang dibuat ini dalam I datang, sete diberi dan d mesyuarat i (6) Mana lembaga pe i1 dan apabil melebihi d tempoh tic

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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).

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