Financial Intermediaries Act 1996

This section applies to a declaration under section 108 or 109.

The declaration must be recorded in the minutes of the meeting at which it was made and, unless the board otherwise determines, the director must not—

be present during a deliberation of the board about the matter; or

take part in a decision of the board about the matter.

For making a determination of the board under subsection (2) about a director who has made a declaration, the director must not—

be present during a deliberation of the board making the determination; or

take part in the making by the board of the determination.