sec.260Disclosure of interest

sec.260 Disclosure of interest

This section applies to a member of the board or a member of a committee established by the board (the interested person ) if— the interested person has a direct or indirect interest in an issue being considered, or about to be considered, by the board or the committee; and the interest could conflict with the proper performance of the interested person’s duties for considering the issue. As soon as practicable after becoming aware of the relevant facts, the interested person must disclose the nature of the interest to a meeting of the board or committee. Unless the board or committee otherwise directs, the interested person must not— be present when the board or committee considers the issue; or take part in a decision of the board or committee about the issue. The interested person must not be present when the board or committee is considering whether to give a direction under subsection (3) . If there is another person who must, under subsection (2) , also disclose an interest in the issue, the other person must not— be present when the board or committee is considering whether to give a direction under subsection (3) about the interested person; or take part in making the decision about giving the direction. Subsection (7) applies if— because of this section, a member of the board or a committee is not present at a board or committee 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 if the member were present. The remaining members present are a quorum of the board or committee for considering or deciding the issue, or considering or deciding whether to give the direction, at the meeting. A disclosure under subsection (2) must be recorded in the board’s or committee’s minutes. (sec.260-ssec.1) This section applies to a member of the board or a member of a committee established by the board (the interested person ) if— the interested person has a direct or indirect interest in an issue being considered, or about to be considered, by the board or the committee; and the interest could conflict with the proper performance of the interested person’s duties for considering the issue. (sec.260-ssec.2) As soon as practicable after becoming aware of the relevant facts, the interested person must disclose the nature of the interest to a meeting of the board or committee. (sec.260-ssec.3) Unless the board or committee otherwise directs, the interested person must not— be present when the board or committee considers the issue; or take part in a decision of the board or committee about the issue. (sec.260-ssec.4) The interested person must not be present when the board or committee is considering whether to give a direction under subsection (3) . (sec.260-ssec.5) If there is another person who must, under subsection (2) , also disclose an interest in the issue, the other person must not— be present when the board or committee is considering whether to give a direction under subsection (3) about the interested person; or take part in making the decision about giving the direction. (sec.260-ssec.6) Subsection (7) applies if— because of this section, a member of the board or a committee is not present at a board or committee 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 if the member were present. (sec.260-ssec.7) The remaining members present are a quorum of the board or committee for considering or deciding the issue, or considering or deciding whether to give the direction, at the meeting. (sec.260-ssec.8) A disclosure under subsection (2) must be recorded in the board’s or committee’s minutes.