158Disclosure of interest

158 Disclosure of interest (1) A member or alternate member who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Nominal Insurer otherwise than as a member of, and in common with the other members of, an incorporated company consisting of not less than 25 persons and of which he or she is not a director, shall, as soon as possible after the relevant facts have come to his or her knowledge, disclose the nature of his or her interest at a meeting of the Nominal Insurer. (2) A disclosure under subsection (1) shall be recorded in the minutes of the Nominal Insurer and the member or alternate member: (a) shall not, while he or she has that interest, take part after the disclosure in any deliberation or decision of the Nominal Insurer in relation to that matter; and (b) shall be disregarded for the purpose of constituting a quorum of the Nominal Insurer in relation to that matter.