Disclosure of interest
89 Disclosure of interest
A member of the Board who has a material personal interest in a matter being considered or about to be considered by the Board must, as soon as possible after the relevant facts have come to the member’s knowledge, disclose the nature of the interest at a meeting of the Board.
Penalty: a fine of $25 000.
A member of a committee who has a material personal interest in a matter being considered or about to be considered by the committee must, as soon as possible after the relevant facts have come to the member’s knowledge, disclose the nature of the interest at a meeting of the committee.
Penalty: a fine of $25 000.
Subsection (2) applies to a person who is a member of the committee and also a member of the Board even though the person has already disclosed the nature of the interest at a meeting of the Board.
A disclosure under subsection (1) or (2) is to be recorded in the minutes of the meeting.
This Act’s bill:Explanatory memorandumSecond reading speech
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