110What constitutes a pecuniary interest?

110 What constitutes a pecuniary interest? (1) In this section ***shares*** includes stock, and ***share capital*** must be read accordingly. (2) A member of the board of directors of a water corporation does not have a pecuniary interest to which section 109 applies in relation to a matter only because that member has an interest in the matter— (a) as a person who receives a service from the water corporation in common with other persons who receive a service from the water corporation; or (b) as a person who is, or may become, entitled to an allowance or other payment under this Act, if the maximum amount of the allowance or payment, or the rate at which the amount is to be calculated, is fixed under this Act; or (c) as a member of a club or other association (incorporated or not) that is conducted primarily for charitable, benevolent, recreational or community purposes; or (d) as a member of an employers' or employees' association; or (e) as a person to whom the water corporation offers, or proposes to offer, goods and services which are, or are proposed to be, offered generally by the water corporation on the same terms and conditions as to that member; or (f) as a person who receives a service from the water corporation, or as a resident of a district under the control of the water corporation, who may be required by the water corporation to make any payment that other persons who receive that service, or other residents of the district, may be required by the water corporation to make. (3) Unless subsection (4) provides otherwise, a person has a pecuniary interest in a matter if— (a) the person or his or her nominee is a member of a company or other body which has a pecuniary interest in the matter; or (b) the person is the sole proprietor, a partner, a director or an employee of a person who has a pecuniary interest in the matter. (4) Subsection (3) does not apply— (a) to membership of any body (incorporated or not) which results from an appointment or nomination made by the board of directors of a water corporation; or (b) to membership or directorship of any body (incorporated or not) if the member or director has no beneficial interest in any capital or income of the body. (5) If a member of a board of directors of a water corporation has a pecuniary interest in a matter only because he or she has a beneficial interest in the shares of a body, and if the total nominal value of those shares is not more than $2000 or 1 per cent of the total nominal value of the issued share capital of the body (whichever is less), section 109 does not preclude the member from taking part in the consideration of the matter. (6) If the share capital of a body is of more than one class, subsection (5) does not apply if the total nominal value of all the shares of any one class in which the member of the board of directors has a beneficial interest is more than 1 per cent of the total nominal value of the issued share capital of that class of the body. (7) The interest of a spouse or domestic partner of a member of the board of directors must, if known to the member, be taken to be an interest of the member for the purposes of this section. S. 111 substituted by No. 85/2006 s. 54.