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.