28. Disqualification to act as a compliance officer

(1) A person shall not act as a compliance officer if-

   (a) he is an undischarged bankrupt; or

   (b) he is disqualified to act as a director or secretary under the companies Act 1965.

(2) A person who fails to comply with subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.