8ADisclosure of pecuniary interests

8A Disclosure of pecuniary interests

8A Disclosure of pecuniary interests

(1) If—

(a) a trustee has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the trustees, and

(b) the interest appears to raise a conflict with the proper performance of the trustee’s duties in relation to the consideration of the matter,

the trustee must, as soon as possible after the relevant facts have come to the trustee’s knowledge, disclose the nature of the interest at a meeting of the trustees.

(2) A disclosure by a trustee at a meeting of the trustees that the trustee—

(a) is a member, or is in the employment, of a specified company or other body, or

(b) is a partner, or is in the employment, of a specified person, or

(c) has some other specified interest relating to a specified company or other body or to a specified person,

is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body or to that person which may arise after the date of the disclosure and which is required to be disclosed under subsection (1).

(3) Particulars of any disclosure made under this section must be recorded by the trustees in a book kept for the purpose and that book must be open at all reasonable hours to inspection by any person on payment of the fee determined by the trustees.

(4) After a trustee has disclosed the nature of an interest in any matter, the trustee must not, unless the trustees otherwise determine—

(a) be present during any deliberation of the trustees with respect to the matter, or

(b) take part in any decision of the trustees with respect to the matter.

(5) For the purposes of the making of a determination by the trustees under subsection (4), a trustee who has a direct or indirect pecuniary interest in a matter to which the disclosure relates must not—

(a) be present during any deliberation of the trustees for the purpose of making the determination, or

(b) take part in the making by the trustees of the determination.