s.13Pecuniary interest
13
Section 13Part 0 —

Pecuniary interest

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For the purposes of section 12, a director, or a member of a committee appointed under section 11 shall be treated, subject to subsections (4) and (5), as having indirectly a pecuniary interest in a contract, proposed contract, licence or other matter if — (a) he, or any nominee of his, is a member of a company or other body with which the contract was made or is proposed to be made or which has a direct pecuniary interest in the licence or other matter under consideration; (b) he is a partner, or is in the employment of a person with whom the contract was made or is proposed to be made, or who has a direct pecuniary interest in the licence or other matter under consideration; or (c) he or any partner of that person is a professional adviser to a person who has a direct or indirect pecuniary interest in a contract, proposed contract, licence or other matter.
he, or any nominee of his, is a member of a company or other body with which the contract was made or is proposed to be made or which has a direct pecuniary interest in the licence or other matter under consideration;
he is a partner, or is in the employment of a person with whom the contract was made or is proposed to be made, or who has a direct pecuniary interest in the licence or other matter under consideration; or
he or any partner of that person is a professional adviser to a person who has a direct or indirect pecuniary interest in a contract, proposed contract, licence or other matter.
Subsection (1) does not apply to membership of or employment under any public body.
In the case of married persons, the interest of one spouse shall be deemed for the purpose of this section to be also the interest of the other.
Section 12 shall not apply to an interest in a contract, proposed contract, licence or other matter which a director has as a member of the public or to an interest in any matter relating to the terms on which the right to participate in any service is offered to the public.
Where a director has an indirect pecuniary interest in a contract, proposed contract, licence or other matter by reason only of a beneficial interest in securities of a company or other body, and the nominal value of those securities does not exceed one thousand dollars or one-thousandth of the total nominal value of the issued share capital of the company or other body, whichever is the less, and, if the share capital is of more than one class, the total nominal value of shares of any one class in which that person has a beneficial interest does not exceed one-thousandth of the total issued share capital of that class, section 12 shall not prohibit that person from taking part in the consideration or discussion of the contract, proposed contract, licence or other matter or from voting on any question with respect to it, without prejudice, however, to that person’s duty to disclose that person’s interest.

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