4Conflict of interests

4 Conflict of interests

4 Conflict of interests

(1) If:

(a) a member of a corporation has an interest in a matter being considered or about to be considered at a meeting of the corporation, and

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

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

(2) A disclosure by a member at a meeting of the corporation that the member:

(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 that may arise after the date of the disclosure and that is required to be disclosed under subclause (1).

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

(4) After a member of a corporation has disclosed the nature of an interest in any matter, the member must not, unless the corporation otherwise determines:

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

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

(5) For the purpose of the making of a determination by a corporation under subclause (4), a member of a corporation who has an interest in a matter to which the disclosure relates must not:

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

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

(6) A contravention of this clause does not invalidate any decision of the corporation.