sec.147Disclosure of interests by members of an association

sec.147 Disclosure of interests by members of an association

This section applies to a member of a relevant entity (the interested member ) if— the interested member has a direct or indirect financial interest in an issue being considered, or about to be considered, by the entity; and the interest could conflict with the proper performance of the interested member’s duties in relation to the consideration of the issue. As soon as practicable after the relevant facts come to the interested member’s knowledge, the interested member must disclose the nature of the interest to a meeting of the entity. Unless the entity otherwise directs, the interested member must not— be present when the entity considers the issue; or take part in a decision of the entity about the issue. The interested member must not be present when the entity is considering whether to give a direction under subsection (3) . If there is another member of the entity who must, under subsection (2) , also disclose an interest in the issue, the other member must not— be present when the entity is considering whether to give a direction under subsection (3) ; or take part in making the decision about giving the direction. If— because of this section, a member of the entity is not present at an entity meeting for considering or deciding an issue, or for considering or deciding whether to give a direction under subsection (3) ; and there would be a quorum for the entity if the member were present; the remaining members present are a quorum for the entity for considering or deciding the issue, or for considering or deciding whether to give the direction, at the meeting. A disclosure under subsection (2) must be recorded in the entity’s minutes. In this section— relevant entity means— an association; or the executive committee, or a subcommittee, of an association. (sec.147-ssec.1) This section applies to a member of a relevant entity (the interested member ) if— the interested member has a direct or indirect financial interest in an issue being considered, or about to be considered, by the entity; and the interest could conflict with the proper performance of the interested member’s duties in relation to the consideration of the issue. (sec.147-ssec.2) As soon as practicable after the relevant facts come to the interested member’s knowledge, the interested member must disclose the nature of the interest to a meeting of the entity. (sec.147-ssec.3) Unless the entity otherwise directs, the interested member must not— be present when the entity considers the issue; or take part in a decision of the entity about the issue. (sec.147-ssec.4) The interested member must not be present when the entity is considering whether to give a direction under subsection (3) . (sec.147-ssec.5) If there is another member of the entity who must, under subsection (2) , also disclose an interest in the issue, the other member must not— be present when the entity is considering whether to give a direction under subsection (3) ; or take part in making the decision about giving the direction. (sec.147-ssec.6) If— because of this section, a member of the entity is not present at an entity meeting for considering or deciding an issue, or for considering or deciding whether to give a direction under subsection (3) ; and there would be a quorum for the entity if the member were present; the remaining members present are a quorum for the entity for considering or deciding the issue, or for considering or deciding whether to give the direction, at the meeting. (sec.147-ssec.7) A disclosure under subsection (2) must be recorded in the entity’s minutes. (sec.147-ssec.8) In this section— relevant entity means— an association; or the executive committee, or a subcommittee, of an association.