s 80 Duties of guarantors
(1) Where a borrower is required to enter into a trust deed under section 67 in relation to any debenture, a guarantor in respect of such debenture shall— (a) use its best endeavours to carry on and conduct its business in a proper and efficient manner; (b) make all of its financial or other records available for inspection by— (i) the trustee; (ii) an officer or employee of the trustee authorized by the trustee to carry out the inspection; or (iii) an approved company auditor appointed by the trustee to carry out the inspection, and give such persons carrying out the inspection any information, explanation or other assistance that they may require; (c) furnish the borrower with any information relating to itself which is required under subsection 75(3) to be contained in the quarterly report, within fourteen days from the date the borrower requests for such information by notice in writing or within such other period which shall not be less than fourteen days as may be specified in the notice; and (d) where it creates a charge— (i) give the trustee written details of the charge within twenty-one days after it is created; and (ii) give the trustee written details of— (A) the amount of each advance made within seven days after it is made; or (B) where the advances are merged in a current account with bankers, trade creditors or any other person, the net amount outstanding on the advances at the end of every three months. (2) A guarantor who contravenes paragraph (1)(a) shall not be guilty of an offence. (3) A guarantor who contravenes paragraph (l)(b) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding fifty thousand ringgit. (4) Where a guarantor contravenes paragraph (l)(b), the Commission may direct the guarantor to comply with the provisions of that paragraph. (5) A guarantor who fails to comply with a direction of the Commission issued pursuant to subsection (4) shall be guilty of an offence. (6) A guarantor who contravenes paragraph (l)(c) or (l)(d) shall be guilty of an offence.