65Disclosure of material personal interest

65 Disclosure of material personal interest (1) If a member of the committee of an incorporated association has a material personal interest in a matter being considered at a committee meeting, the committee member must— (a) as soon as the member becomes aware of the interest, disclose the nature and extent of the interest to the committee; and (b) disclose the nature and extent of the interest at the next general meeting of the association. (2) Subsection (1) does not apply in relation to a material personal interest— (a) that exists only because the member— (i) is an employee of the incorporated association; or (ii) is a member of a class of people 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. (3) Subsection (4) applies if a member of the committee of an incorporated association has an interest in a contract or proposed contract and the member— (a) is not required to disclose the interest because of subsection (2); or (b) discloses the interest in accordance with subsection (1) and has complied with section 65A (1). (4) For subsection (3)— (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. (5) A disclosure of a material personal interest required by subsection (1) must give details of— (a) the nature and extent of the interest; and (b) the relation of the interest to the activities of the incorporated (6) The details mentioned in subsection (5) must be recorded in the minutes of the committee meeting at which the disclosure is made.