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← Securities Commission Act 1993

Securities Commission Act 1993 s 13

Securities Commission Act 1993 s 13

Some sections could not be extracted from the official PDF, so this text may be incomplete.

s 13 Disclosure of interest

(1) A member of the Commission or any committee who has or acquires a direct or indirect interest 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 existence of his interest and nature thereof. (2) (Deleted by Act A926). (3) A disclosure under subsection (1) shall be recorded in the minutes of the Commission or committee, as the case may be, and, after the disclosure, the member— (a) shall not take part nor be present in any deliberation or decision of the Commission or committee, as the case may be; and (b) shall be disregarded for the purpose of constituting a quorum of the Commission or committee, as the case may be, relating to the matter. (4) Any member of the Commission or committee who fails to disclose his interest as provided under subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or imprisonment for a term not exceeding five years or to both. (5) No act or proceedings 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. (6) (Deleted by Act A926).

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Find Act 498 on lom.agc.gov.my ↗

Text as at 1 January 2006 (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).

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