sec.109Declaration of possible conflict of duty or interest

sec.109 Declaration of possible conflict of duty or interest

A director of a society who holds an office or has an interest in property by which, whether directly or indirectly, duties or interests might be created that could conflict with the director’s duties or interests as director must, under subsection (2) , declare at a meeting of the society’s board the fact and the nature, character and extent of the conflict. Maximum penalty—400 penalty units or 2 years imprisonment. The declaration must be made by the director— if the director holds the office or has the interest when the director becomes a director—at the first meeting of the board held after— the director becomes a director; or the relevant facts about holding the office or having the interest come to the director’s knowledge; whichever is the later; or if the director starts to hold the office or acquires the interest after the director becomes a director—at the first meeting of the board held after the relevant facts about holding the office or having the interest come to the director’s knowledge. (sec.109-ssec.1) A director of a society who holds an office or has an interest in property by which, whether directly or indirectly, duties or interests might be created that could conflict with the director’s duties or interests as director must, under subsection (2) , declare at a meeting of the society’s board the fact and the nature, character and extent of the conflict. Maximum penalty—400 penalty units or 2 years imprisonment. (sec.109-ssec.2) The declaration must be made by the director— if the director holds the office or has the interest when the director becomes a director—at the first meeting of the board held after— the director becomes a director; or the relevant facts about holding the office or having the interest come to the director’s knowledge; whichever is the later; or if the director starts to hold the office or acquires the interest after the director becomes a director—at the first meeting of the board held after the relevant facts about holding the office or having the interest come to the director’s knowledge.

• (a) if the director holds the office or has the interest when the director becomes a director—at the first meeting of the board held after— (i) the director becomes a director; or (ii) the relevant facts about holding the office or having the interest come to the director’s knowledge; whichever is the later; or
• (i) the director becomes a director; or
• (ii) the relevant facts about holding the office or having the interest come to the director’s knowledge;
• (b) if the director starts to hold the office or acquires the interest after the director becomes a director—at the first meeting of the board held after the relevant facts about holding the office or having the interest come to the director’s knowledge.