80Disclosure of material personal interest

80 Disclosure of material personal interest (1) A member of the committee of an incorporated association who has a material personal interest in a matter being considered at a committee meeting must, as soon as the member becomes aware of his or her interest in the matter, disclose the nature and extent of that interest to the committee. (2) A member of the committee of an incorporated association who has a material personal interest in a matter being considered at a committee meeting must disclose the nature and extent of his or her interest in the matter at the next general meeting of the association. (3) Subsections (1) and (2) do not apply in respect of a material personal interest— (a) that exists only because the member— (i) is an employee of the association; or (ii) belongs to 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. (4) If a member of the committee of an incorporated association discloses a material personal interest in a contract or proposed contract, in accordance with this section and the member has complied with section 81(1) or the member's interest is not required to be disclosed because of 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) or (2) 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 association. (6) The details referred to in subsection (5) must be recorded in the minutes of the committee meeting at which the material personal interest is disclosed.