28Director to disclose material personal interest

28 Director to disclose material personal interest

[Section 28 Amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] [Section 28 Substituted by No. 42 of 2002, s. 18, Applied:27 Nov 2002]

(1)  A director who has or may have a material personal interest in a matter that relates to the affairs of the Government Business Enterprise must give the other directors notice of the interest except where –

(a) the interest –

(i) arises in relation to the director's remuneration as a director of the Government Business Enterprise; or

(ii) relates to a contract that insures, or would insure, the director against liabilities the director incurs as an officer of the Government Business Enterprise (but only if the contract does not make the Government Business Enterprise or a related body the insurer); or

(iii) relates to any payment by the Government Business Enterprise or a related body in respect of an indemnity permitted under section 35 ; or

(iv) is in a contract, or proposed contract, with or for the benefit of, or on behalf of, a related body and arises because the director is a director of the related body; or

(v) is a beneficial interest in shares in a public company, within the meaning of the Corporations Act 2001 of the Commonwealth, and the total number of shares in which the director has a beneficial interest does not exceed 5% of the total number of shares issued by the company; or

(b) all of the following conditions are satisfied:

(i) the director has already given notice of the nature and extent of the interest and its relation to the affairs of the Government Business Enterprise to all directors under this subsection;

(ii) if after the time when notice of the nature and extent of the interest and its relation to the affairs of the Government Business Enterprise under this subsection was given a person who was not a director of the Government Business Enterprise at that time is appointed as a director, that notice is given to the new director;