31Disclosure of interest

31 Disclosure of interest (1) A member of the committee of an incorporated association who has a direct or indirect pecuniary interest in a contract, or proposed contract, with the association: (a) must, as soon as the member becomes aware of the interest, disclose the nature and extent of the interest to the committee; and (b) must disclose the nature and extent of the interest at the next annual general meeting of the association required to be held by the association. (2) Subsection (1) does not apply in relation to a pecuniary interest that exists only because: (a) the member of the committee is an employee of the (b) the member of the committee is a member of a class of persons for whose benefit the association is established; or (c) the member of the committee has the pecuniary interest in common with all or a substantial proportion of the members of the association. (3) If a member of the committee of an incorporated association discloses a pecuniary interest in a contract, or proposed contract, in accordance with this section, or his or her interest is not required under this section to be disclosed: (a) the contract is not liable to be avoided by the association on a ground arising from the fiduciary relationship between the member and the association; and (b) the member is not liable to account for profits derived from the contract.