sec.70BDisclosure of material personal interest

### sec.70B Disclosure of material personal interest A member of the management committee of an incorporated association who has a material personal interest in a matter being considered at a management committee meeting must, as soon as the member becomes aware of the interest, disclose the nature and extent of the interest to the management committee. Maximum penalty—60 penalty units. A member of the management committee of an incorporated association who has a material personal interest in a matter being considered at a management committee meeting must disclose the nature and extent of the interest at the next general meeting of the association. Maximum penalty—60 penalty units. Subsections (1) and (2) do not apply in relation to a material personal interest— that exists only because the member— is an employee of the association; or is a member of a class of persons for whose benefit the association is established; or that the member has in common with all, or a substantial proportion of, the members of the association. If a member of the management committee of an incorporated association discloses a material personal interest in a contract or proposed contract under this section, and the member has complied with section 70C (1) or the member’s interest is not required to be disclosed because of subsection (3) — the contract is not liable to be avoided by the association on any ground arising from the fiduciary relationship between the member and the association; and the member is not liable to account for profits derived from the contract. A disclosure of a material personal interest required under subsection (1) or (2) must give details of— the nature and extent of the interest; and how the interest is related to the activities of the association. The members of the management committee of an incorporated association must ensure the details mentioned in subsection (5) are— recorded in the minutes of the meeting of the management committee at which the disclosure is made; and if a member of the association asks for the details—given to the member. Maximum penalty for each member of the management committee—4 penalty units. s 70B ins 2020 No. 17 s 31 (sec.70B-ssec.1) A member of the management committee of an incorporated association who has a material personal interest in a matter being considered at a management committee meeting must, as soon as the member becomes aware of the interest, disclose the nature and extent of the interest to the management committee. Maximum penalty—60 penalty units. (sec.70B-ssec.2) A member of the management committee of an incorporated association who has a material personal interest in a matter being considered at a management committee meeting must disclose the nature and extent of the interest at the next general meeting of the association. Maximum penalty—60 penalty units. (sec.70B-ssec.3) Subsections (1) and (2) do not apply in relation to a material personal interest— that exists only because the member— is an employee of the association; or is a member of a class of persons for whose benefit the association is established; or that the member has in common with all, or a substantial proportion of, the members of the association. (sec.70B-ssec.4) If a member of the management committee of an incorporated association discloses a material personal interest in a contract or proposed contract under this section, and the member has complied with section 70C (1) or the member’s interest is not required to be disclosed because of subsection (3) — the contract is not liable to be avoided by the association on any ground arising from the fiduciary relationship between the member and the association; and the member is not liable to account for profits derived from the contract. (sec.70B-ssec.5) A disclosure of a material personal interest required under subsection (1) or (2) must give details of— the nature and extent of the interest; and how the interest is related to the activities of the association. (sec.70B-ssec.6) The members of the management committee of an incorporated association must ensure the details mentioned in subsection (5) are— recorded in the minutes of the meeting of the management committee at which the disclosure is made; and if a member of the association asks for the details—given to the member. Maximum penalty for each member of the management committee—4 penalty units. - (a) that exists only because the member— (i) is an employee of the association; or (ii) is a member of a class of persons for whose benefit the association is established; or - (i) is an employee of the association; or - (ii) is a member of a class of persons for whose benefit the association is established; or - (b) that the member has in common with all, or a substantial proportion of, the members of the association. - (i) is an employee of the association; or - (ii) is a member of a class of persons for whose benefit the association is established; or - (a) the contract is not liable to be avoided by the association on any 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. - (a) the nature and extent of the interest; and - (b) how the interest is related to the activities of the association. - (a) recorded in the minutes of the meeting of the management committee at which the disclosure is made; and - (b) if a member of the association asks for the details—given to the member.