Revised Laws of Saint Lucia (2021)

19.   Declaration of interest and abstention from voting

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    (1)   A director who is in any way, either directly or indirectly interested in a matter before the Authority, shall declare the nature of his or her interest at the first meeting of the Board at which it is practicable to do so.

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    (2)   Where a director declares an interest under subsection (1), the Board shall determine whether or not the director's interest in a matter is material and where the Board determines that the director's interest is material, the director shall leave the meeting upon the matter coming up for discussion.

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    (3)   A declaration and the departure of a director from the meeting in accordance with subsection (1) shall be noted by the Secretary in the minutes of the meeting.

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    (4)   A director shall not—

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      (a)     fail to comply with subsection (1);

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      (b)     vote in respect of a matter before the Authority in which he or she is materially interested, whether directly or indirectly; or

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      (c)     seek to influence the vote of any other director in relation to a matter before the Authority in which he or she is materially interested, whether directly or indirectly.

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    (5)   A director who fails to comply with subsection (4) commits an offence and on summary conviction is liable to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.