sec.40GDisclosure of interests by foundation committee members

### sec.40G Disclosure of interests by foundation committee members If a foundation committee member has a direct or indirect interest in a matter being considered, or about to be considered, by the foundation committee, the foundation committee member must disclose the nature of the interest to a meeting of the foundation committee as soon as practicable after the relevant facts come to the foundation committee member’s knowledge. Maximum penalty—100 penalty units. The disclosure must be recorded in the foundation committee’s minutes. A foundation committee member does not have a direct or indirect interest in a matter being considered, or about to be considered, by the foundation committee merely because the foundation committee member has made a gift, donation, bequest or legacy of property to the board. s 40G ins 2012 No. 24 s 7 (sec.40G-ssec.1) If a foundation committee member has a direct or indirect interest in a matter being considered, or about to be considered, by the foundation committee, the foundation committee member must disclose the nature of the interest to a meeting of the foundation committee as soon as practicable after the relevant facts come to the foundation committee member’s knowledge. Maximum penalty—100 penalty units. (sec.40G-ssec.2) The disclosure must be recorded in the foundation committee’s minutes. (sec.40G-ssec.3) A foundation committee member does not have a direct or indirect interest in a matter being considered, or about to be considered, by the foundation committee merely because the foundation committee member has made a gift, donation, bequest or legacy of property to the board.