s.10Disclosure of directors' interests
10
Section 10Part 2 — Establishment, Capital and Administration of Authority

Disclosure of directors' interests

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If a director has any pecuniary interest, direct or indirect, in any contract, proposed contract, licence or other matter and is present at a meeting of the Board at which any of the foregoing is to be considered, he shall, at or before the meeting or before the matter is considered, disclose the fact and shall leave the meeting for the duration of and not take part in the consideration or discussion of or vote on the matter.
Any director who fails to comply with subsection (1) commits an offence and is liable —
on summary conviction, to a fine of twenty thousand dollars and to imprisonment for two years; or
on conviction on indictment, to a fine of fifty thousand dollars and to imprisonment for three years, unless he proves that he did not know that the matter in which he had a pecuniary interest was the subject of consideration at that meeting.
A disclosure under subsection (1) shall be recorded in the minutes of the Board's meetings.
No act or proceeding of the Board shall be questioned on the ground that a director contravened this section.
This section does not apply to an interest in a contract or licence or proposed contract or 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.

Defined Terms

pecuniary interestoffence

Referenced By