54HMembers' pecuniary interests

54H Members' pecuniary interests (1) A member who has a pecuniary interest in a matter being considered or about to be considered by the Board must, as soon as practicable after the relevant facts have come to his or her knowledge, declare the nature of the interest at a meeting of the Board. 1. 5 penalty units. (2) The person presiding at a meeting at which a declaration is made must cause a record of the declaration to be made in the minutes of the meeting. (3) After a declaration is made— (a) unless the Board directs otherwise, the member must not be present during any deliberations on the matter; and (b) the member is not entitled to vote on the matter; and (c) if the member does vote, the vote must be disallowed. (4) For the purposes of this section, a member is not to be regarded as having a pecuniary interest in a contract or arrangement only because that contract or arrangement may benefit— S. 54H(4)(a) amended by No. 69/2013 s. 13(f). (a) a department, specified entity or public body in which the member is employed or of which he or she is a member; (b) a company or other body in which the member has a beneficial interest that does not exceed 1% of the total nominal value of beneficial interests in that company or body. S. 54I inserted by No. 75/1994 s. 4.