42Disclosure of interests in contracts, grants, &c.

42 Disclosure of interests in contracts, grants, &c.

(1)  *[Section 42 Subsection (1) amended by No. 76 of 1995, s. 28 and Sched. 1 ]*Subject to this section, a director who is in any way whether directly or indirectly, interested in a contract, grant, or recommendation made, or proposed to be made, by TDR under this or any other Act shall, as soon as practicable after the relevant facts have come to his knowledge, declare the nature of his interest at a meeting of the Board.

(2)  *[Section 42 Subsection (2) amended by No. 76 of 1995, s. 22 and s. 28 and Sched. 1 ]*Subject to this section, an authorized officer who is in any way, whether directly or indirectly, interested in a contract, grant, or recommendation made, or proposed to be made, by TDR under this or any other Act shall, as soon as practicable after –

(a) his appointment as an authorized officer; or

(b) the relevant facts have come to his knowledge –

as the case may require, provide the Board of TDR with a statement in writing giving full particulars of that interest and shall not perform any duties, or continue to perform any duties, in respect of the contract, grant, or guarantee.

(3)  *[Section 42 Subsection (3) amended by No. 76 of 1995, s. 28 and Sched. 1 ]*Subject to this section, an administrator who is in any way, whether directly or indirectly, interested in a contract, grant, or recommendation made by TDR under this or any other Act or any such contract, grant, or recommendation proposed to be made by the administrator shall, as soon as practicable after –

(a) his appointment as administrator; or

(b) the relevant facts have come to his knowledge –

as the case may require, provide the Minister with a statement in writing giving full particulars of that interest.

(4)  The requirements of this section do not apply in any case where the interest of a director, administrator, or authorized officer consists only of being a member or creditor of a company that is interested in a contract, grant, or recommendation referred to in this section if the interest of the director, administrator, or authorized officer may properly be regarded as not being a material interest.

(5)  A disclosure by a director under subsection (1) shall be recorded in the minutes of the Board.