(1) Subject to this section, if a member is in any way, whether directly or indirectly, interested in a contract or proposed contract with the Corporation, he or she shall declare the nature of his or her interest at a meeting of the Corporation.
(2) In the case of a proposed contract the declaration required by this section shall be made—
(a) at the meeting of the Board at which the contract is first taken into consideration; or
(b) if such member was not at the date of the meeting interested in the proposed contract, at the next meeting of the Board held after he or she became so interested.
(3) Where a member becomes interested in a contract with the Corporation after it is made, the declaration shall be made at the first meeting of the Board held after the member acquires such interest.
(4) A member who has interest in any contract or arrangement with the Corporation shall vacate the meeting room upon the matter coming up for discussion and his or her departure from the meeting room shall be recorded in the minutes of the meeting.
(5) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of $10,000 or imprisonment for 2 years, or to both.
(6) Where a person convicted under subsection (5) is a member of the Board, that conviction disqualifies him or her from holding office as a member of the Board.