25Voting by interested Board member

25 Voting by interested Board member

25 Voting by interested Board member

(1) A member of a Board who has a material personal interest in a matter that is being considered by the Board is prevented from taking part in any decision of the Board on the matter.

(2) A member of a Board who is prevented from taking part in any decision of the Board on a matter must not—

(a) vote on the matter, or

(b) vote on a proposed resolution (a related resolution) under subsection (3) in relation to the matter (whether in relation to the member or another member of the Board), or

(c) be present while the matter, or a related resolution, is being considered by the Board, or

(d) otherwise take part in any decision of the Board in relation to the matter or a related resolution.

Maximum penalty—100 penalty units.

(3) A member is not prevented from taking part in any decision of the Board on a matter if the Board has at any time passed a resolution that—

(a) specifies the member, the interest and the matter, and

(b) states that the members voting for the resolution are satisfied that the interest should not disqualify the member from taking part in any decision of the Board on the matter.

(4) In determining whether a quorum is present at a meeting of the Board during a consideration of such a matter by the Board, only those members are regarded as present who are entitled to vote on any motion that may be moved in relation to the matter.

(5) If the number of Board members entitled to vote on any motion that may be moved in relation to a matter is less than a quorum for a meeting of the Board, the quorum at a meeting of the Board during consideration of such a matter is reduced to the number of Board members entitled to vote on the motion.

(6) The Treasurer may, in any case in which the Treasurer considers it appropriate to do so, by order in writing direct that a member of a Board who has a material personal interest in a matter that is being considered by the Board is not prevented from taking part in any decision of the Board on the matter, and such a direction has effect accordingly for the purposes of this section.