27Board may declare material personal interest

27 Board may declare material personal interest

(1)  If the Board is of the opinion that a director has a material personal interest in a matter that relates to the affairs of the Corporation, it may pass a resolution declaring –

(a) that the director has such an interest; and

(b) the nature and extent of the interest; and

(c) the relationship of the interest to the affairs of the Corporation.

(2)  If a declaration is made under subsection (1) , the director declared to have a material personal interest is taken to have that interest.

(3)  The details of a declaration made under subsection (1) must be provided to the Minister.

(4)  The making of a declaration under subsection (1) does not preclude the taking of proceedings for an offence against section 26(1) in respect of the failure of the director to give notice of the material personal interest.