(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.
(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.
(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.
(4) A director shall not—
(a) fail to comply with subsection (1);
(b) vote in respect of a matter before the Authority in which he or she is materially interested, whether directly or indirectly; or
(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.
(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.