Question

defention of A director and the duties of director in genral with the principles and the requierments of a director according to company act of malaysia 2016

Answer 1

• A Director shall be a natural person aged 18 years or above
• Should originally live in Malaysia and his principle place of residence should be in Malaysia too

-One director in case of private company
-2 directors in case of public

• Should not be someone who has been disqualified from being a director
• Any person over the age of 70 cannot be appointed as a director of a public company or its subsidiaries until at least 75% of shareholders approves this

Duties:

• He should use his power for the valid purpose and good faith in best interest of company
• He should use his knowledge , skill and power with utmost care

   ---Failing to do above is equivalent to commiting offence and will be liable for conviction.

• He is obliged to keep accounting and other records in order to prepare timely valid and true P&L accounts and balance sheets as per Malaysian Accounting Standards.
• He must lodge an annual return every year. He may be fined if he fail to file on time or misses it.