34Disclosure of interest

34 Disclosure of interest

34 Disclosure of interest

(1) If a member of a board of a development corporation, or a member of a committee or a sub-committee of such a board, has an interest, directly or indirectly, in land, proposals in respect of the development or use of which are to be considered by the board, committee or sub-committee, as the case may be, or has a pecuniary interest, direct or indirect, in a contract or proposed contract with the corporation or in any other matter in which the corporation is concerned and is present at a meeting of the board, committee or sub-committee, as the case may be, at which the proposals are or the contract, proposed contract or other matter is the subject of consideration, the member shall, at the meeting, as soon as practicable after the commencement thereof, disclose his or her interest and shall not take part in the consideration or discussion of or vote on any question with respect to the proposals or the contract, proposed contract or other matter.

(2) For the purposes of this section, a person shall be treated as having an indirect interest in land or a contract, proposed contract or other matter if—

(a) the person or any nominee of the person is a member of a company or other body which has an interest in the land, or with which the contract is made or is proposed to be made or which has a direct or indirect pecuniary interest in the other matter under consideration, or

(b) the person is a partner, or is in the employment of, a person who has an interest in the land, or with whom the contract is made or is proposed to be made or who has a direct or indirect pecuniary interest in the other matter under consideration.

(3) Notwithstanding subsection (2)—

(a) that subsection does not apply to membership of or employment under any council or statutory body,

(b) a member of a company or other body shall not, by reason only of the person’s membership, be treated as being so interested if the person has no beneficial interest in any shares of that company or other body, and

(c) a member of a company having not less than twenty-five members shall not be treated as having an interest in land or in any contract or proposed contract with the corporation or in any other matter in which the corporation is concerned by reason only that the company has an interest in the land or the contract or proposed contract is with or the other matter concerns the company.