Victorian Managed Insurance Authority Act 1996

A director who has a direct or indirect pecuniary interest in a matter being considered, or about to be considered, by the Board must, as soon as practicable after the relevant facts come to the director's knowledge, disclose the nature of the interest at a meeting of the Board.

A person presiding at a meeting at which a declaration is made must cause a record of the declaration to be made in the minutes of the meeting.

After a declaration is made by a director—

unless the Board (excluding that director) otherwise resolve, the director must not be present during any deliberation with respect to that matter; and

that director is not entitled to vote on the matter; and

if that director does vote on the matter, the vote must be disallowed.