211Certain interests need not be declared

211 Certain interests need not be declared

211 Certain interests need not be declared

The interest in a contract or proposed contract that a director is required by this Division to declare does not include an interest in—

(a) a contract or proposed contract for a purchase of goods and services by the director from the co-operative; or

(b) a lease of land to the director by the co-operative; or

(c) a contract or proposed contract for the sale of agricultural products or livestock by the director to the co-operative; or

(d) a contract or proposed contract that, under the rules of the co-operative, may be made between the co-operative and a member; or

(e) a contract or proposed contract of a class of contracts prescribed by the National Regulations for the purposes of this section;

but only if the contract is made in good faith, in the ordinary course of the business of the co-operative, and on the terms that are usual and proper in similar dealings between the co-operative and its members.