Macquarie Point Development Corporation Act 2012

If a director has a material personal interest in a matter being considered at a meeting of the Board, the director must not, except as allowed by the Board under subsection (4) – be present while the matter is being considered; and vote on the matter.

If – a director has a material personal interest in a contract that the Corporation has with a person; and either – the director, in compliance with subsection (1), was not present while the Board considered whether to enter into the contract and did not vote on the matter; or the director was allowed under subsection (4) to be present while the Board considered whether to enter into the contract and to vote on the matter – the Corporation, by reason of the director holding that interest, cannot avoid the contract and the director is not liable to account to the Corporation for any profits derived from that interest.

If – a director has a material personal interest in a contract that the Corporation has with a person; and the director, in contravention of subsection (1), was present while the Board considered whether to enter into the contract or voted on the matter – the Corporation, by reason of the director holding that interest, may avoid the contract and the director is liable to account to the Corporation for any profits derived from that interest if the Board so determines by written notice provided to the director.

If a director has a material personal interest in a matter being considered by the Board and the Board, in the absence of the director, passes a resolution that – identifies the director, the nature and extent of the interest and its relationship to the affairs of the Corporation; and states that the interest should not disqualify the director from being present when the matter is considered by the Board or from voting on the matter – the director may be present when the matter is considered by the Board and may vote on the matter.

Nothing in subsection (4) affects the duty of the Board to provide notice of the material personal interest to the Minister under section 26(4), section 27(3) or section 28(5).