26Disclosure of interests etc.

26 Disclosure of interests etc.

(1) A member of the Foundation who is in any way, whether directly or indirectly interested in a contract or proposed contract with the Foundation must, as soon as practicable after the relevant facts have come to his or her knowledge, declare the fact and the nature and extent of the interest at a meeting of the Foundation.

(2) Subsection (1) does not apply if the interest of the member consists only of being a member or creditor of a body that is interested in a contract or proposed contract with the Foundation if the interest may properly be regarded as not being a material interest.

(3) For the purposes of subsection (1), a general notice given to the members of the Foundation by a member to the effect that he or she is a member, officer or employee of a body and is to be regarded as interested in any contract that may, after the date of the notice, be made with that body is sufficient declaration of interest in relation to any contract so made or proposed to be made if—

(a) the notice states the nature and extent of the interest of the member in the body; and

(b) when the question of the confirming or entering into a contract is first taken into consideration, the extent of the member's interest is not greater than that stated in the notice; and

(c) the notice is read at a meeting of the Foundation or the member takes reasonable steps to ensure that it is brought up and read at the next meeting of the Foundation after it is given.

(4) A member of the Foundation who possesses any property or holds any office whereby, whether directly or indirectly, interests or duties might be created in conflict with the member's interests or duties as a member must, in accordance with subsection (5), declare at a meeting of the members of the Foundation the fact and nature and extent of the conflict.

(5) A declaration required by subsection (4) in relation to the possession of any property or the holding of any office must be made by a person—

(a) if the person possesses the property or holds the office as mentioned in subsection (4) when he or she becomes a member—at the first meeting of the Foundation held after—

(i) he or she becomes a member; or

(ii) the relevant facts as to the possession of the property or the holding of the office come to his or her knowledge—

whichever is the later; or

(b) if the person comes into possession of the property or commences to hold the office as mentioned in subsection (4) after he or she becomes a member—at the first meeting of the Foundation held after the relevant facts as to the possession of the property or the holding of the office come to his or her knowledge.