12DPecuniary interests of members of the Board

12D Pecuniary interests of members of the Board (1) A member of the Board who has any pecuniary interest in a matter being considered or about to be considered by the Board or in any other matter in which the Board is concerned must, as soon as practicable after the relevant facts have come to the member's knowledge, declare the nature of that interest at a meeting of the Board. (2) The requirements of subsection (1) do not apply in any case where the interest of the member of the Board consists only of being a shareholder or creditor of a company which has an interest in a contract or proposed contract with the Board if the interest of the member may properly be regarded as not being a material interest. (3) The person presiding at a meeting at which a declaration is made under subsection (1) must cause a record of the declaration to be made in the minutes of the meeting. (4) After a declaration is made by a member of the Board under subsection (1)— (a) that member must not be present during any deliberation of the Board with respect to that matter; and (b) that member is not entitled to vote on the matter; and (c) if that member does vote on the matter, the vote must be disallowed. (5) A member of the Board is not to be taken to have a pecuniary interest in a matter only because the member has or may become entitled to a benefit from the Fund. S. 13 amended by No. 50/1988 s. 93(2)(Sch. 2 Pt 2 item 15), substituted by No. 94/2005 s. 12.