21. Disclosure of interest
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(1) A member of the Board or Committee who is directly or indirectly interested in a transaction, arrangement or contract made or proposed to be made by the Board or Committee or any other matter whatsoever in which the Board or Committee is concerned —
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(a) shall disclose the nature of his or her interest at the first meeting of the Board or Committee at which he or she is present, after the relevant facts have come to his or her knowledge; and
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(b) shall not take part in any deliberation or decision of the Board or Committee with respect to the transaction, arrangement, contract or other matter.
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(2) A disclosure under subsection (1) shall be recorded in the minutes of the meeting and after the disclosure, that member shall not be present or take part in any discussion or decision on the transaction, arrangement or contract.
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(3) A member of the Board or Committee is treated as having an indirect interest in any transaction, arrangement or contract with the Board or Committee or in which the Board or Committee is interested if the member is a director, shareholder, trustee, agent or employee of the company or undertaking that is a party to the transaction, arrangement or contract or proposed transaction arrangement or contract with the Board or Committee or where his or her immediate relative or cohabitant holds an interest in that company or undertaking.
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(4) For the purpose of this section, a general notice given to the Board or Committee by a member to the effect that —
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(a) he or she is a member of or is otherwise associated with a company or undertaking and is to be regarded as interested in any transaction, arrangement or contract which may after the date of the notice be made with that company or undertaking; or
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(b) he or she is in any way interested in a matter which is being dealt with by the Board or Committee,
is deemed to be a sufficient disclosure of interest in relation to any transaction, arrangement, contract or matter referred to in subsection (1).
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(5) A member of the Board or Committee who fails to comply with this section commits an offence and is liable on summary conviction to a fine not exceeding $5,000.
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(6) Notwithstanding subsection (5), a member of the Board or Committee who fails to comply with this section is liable to revocation of his or her appointment from the Board or Committee.
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(7) In this section —
“cohabitant” in relation to a member of the Board, means a person who, ordinarily lives with the member in the same dwelling house;
“immediate relative” in relation to a member of the Board or Committee, means the spouse, parent, child, stepchild, brother or sister of the member of the Board or Committee or the parent, child, stepchild, brother or sister of the spouse of the member of the Board or Committee.