45ADisclosure of pecuniary interest

45A Disclosure of pecuniary interest (1) If a member of the Board knowingly has any direct or indirect pecuniary interest in any contract or proposed contract with the Board or in any other matter in which the Board is concerned, and is present at any meeting of the Board at which the contract, proposed contract or other matter is being considered, he shall at the meeting, as soon as practicable after the commencement thereof, disclose his interest and he shall not remain in the room in which such meeting is being held during any consideration or discussion of or the taking of any vote on any question with respect to the contract, proposed contract, or other matter. (2) For the purposes of this section a person shall be treated as having an indirect pecuniary interest in a contract, proposed contract or other matter, if— (a) he or any nominee of his is a member of a company or other body 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) he is a partner, or is in the employment, of a person 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. S. 45A(3) amended by Nos 9671 s. 28, 72/2001 s. 3(Sch. item 11.3). (3) For the purposes of this section a member of the Board who enters a horse of which the member or the member's spouse or domestic partner is the owner part-owner trainer or driver in a harness race at meetings conducted by the Board shall not thereby be treated as having a direct or indirect interest in any contract or proposed contract or other matter with or concerning the Board. S. 45A(3A) inserted by No. 27/1988 s. 4(1). (3A) For the purposes of this section, a member of the Board who holds office in or is a member or employee of— (a) the Metropolitan and Country Trotting Association of Victoria; or (b) the Association of Victorian Country Trotting Clubs; or (c) a harness racing club— shall not thereby be treated as having a direct or indirect interest in a contract or proposed contract or other matter with or concerning that association or club. (4) Where a member of the Board has an indirect pecuniary interest in any contract, proposed contract or other matter and would not be treated as having such an interest but for the fact that he has a beneficial interest in shares of a company or other body, then, if the total nominal value of those shares does not exceed $1000 or one‑hundredth of the total nominal value of the issued share capital of the company or body (whichever is the less), so much of subsection (1) as precludes him from taking part in the consideration or discussion of, or voting on, any question with respect to the contract, proposed contract or other matter shall not apply to him. (5) Where the share capital of a company or other body is of more than one class, subsection (4) shall not apply if the total nominal value of all the shares of any one class in which he has a beneficial interest exceeds one-hundredth of the total nominal value of the issued share capital of that class of the company or other body. S. 45A(6) substituted by No. 72/2001 s. 3(Sch. item 11.4). (6) The interest of a member's spouse or domestic partner is deemed, for the purposes of this section, to be also the interest of the member if— (a) they are living together; and (b) the member knows of the interest. S. 45A(7) amended by No. 72/2001 s. 3(Sch. item 11.5(a) (b)). (7) A general notice given in writing to the Chief Executive Officer of the Board by a member of the Board to the effect that the member or the member's spouse or domestic partner is a member or in the employment of a specified company or other body, or a partner or in the employment of a specified person, shall, unless and until the notice is withdrawn, be deemed to be a sufficient disclosure of his interest in any contract, proposed contract or other matter relating to that company or other body or to that person which may be the subject of consideration after the date of the notice. (8) If a member of the Board fails to comply with the provisions of subsection (1) his seat shall thereupon become vacant and every such vacancy shall be deemed to be an extraordinary vacancy. (9) In this section the expression ***shares*** includes stock and the expression ***share capital*** shall be construed accordingly. Nos 6070 s. 47, 6092 s. 6.