Section 18Part 2 — Establishment, Capital and Administration of Authority
Pecuniary interest of director or committee member
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If a director, a member of the Management Committee or a member of a committee appointed under section 17, 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, Management Committee or other committee, as the case may be, at which the contract, proposed contract, licence or other matter is the subject of consideration, that person shall, at the meeting and as soon as practicable after its commencement, disclose the fact and shall not take part in the consideration or discussion of the contract, proposed contract, licence or other matter or vote on any question with respect to it, and shall be excluded from the meeting for the duration of the consideration, discussion and voting procedure.
A person 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 five years,
A disclosure under subsection (1) shall be recorded in the minutes of the board, Management Committee or other committee, as the case may be.
No act or proceeding of the board, Management Committee or other committee, shall be questioned on the ground that a director of the board or a member of the Management Committee or other committee, as the case may be, has contravened this section.
Defined Terms
pecuniary interestdirect interestindirect interestcontractlicence
Cross References
- Section 17 of Monetary Authority Actexternal
additional committees