Disclosure of interests at board meeting
45 Disclosure of interests at board meeting
This section applies to a member if—
the member has a direct or indirect interest in a matter being considered, or about to be considered, at a meeting of the board of a foundation; and
the interest could conflict with the proper performance of the member’s duties about the consideration of the matter.
As soon as practicable after the relevant facts come to the member’s knowledge, the member must disclose the nature of the interest to the other members of the board at the meeting.
The member may further participate in the meeting only if a majority of the other members of the board vote in favour of the member’s further participation.
However, the member can not participate in any vote on the matter at the meeting.
A disclosure under subsection (2) must be recorded in the minutes of the board.
A person does not have an interest that could conflict with the proper performance of the member’s functions about the consideration of a matter merely because the person holds office as a member under section 30(1)(b).
This Act’s bill:Explanatory memorandumSecond reading speech
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