118Disclosure of interests by board members

118 Disclosure of interests by board members (1) This section applies to a member of the board if— (a) the member has a direct or indirect interest in an issue being considered, or about to be considered, by the board; and (b) the interest could conflict with the proper exercise of the member’s functions in relation to the board’s consideration of the issue. (2) As soon as practicable after the relevant facts come to the member’s knowledge, the member must disclose the nature of the interest to a meeting of the board. (3) The disclosure must be recorded in the board’s minutes and, unless the board otherwise decides, the member must not— (a) be present when the board considers the issue; or (b) take part in a decision of the board on the issue.