(1) A member shall, as soon as practicable, disclose to the Chairperson any matter in which he or she has, directly or indirectly, personally or by his or her close relative, business associate or company, any pecuniary or business interest.
(2) Where a member discloses an interest under subsection (1), the Board shall determine whether or not the member's interest in a matter is material and where the Board determines that the member's interest is material, the member shall not take part in and shall be absent from any decision relating to the matter.
(3) A disclosure and the absence of a member from the decision relating to the matter in accordance with subsection (2) shall be noted in the minutes of the meeting by the Secretary.
(4) A member shall not —
(a) fail to comply with subsection (1);
(b) vote in respect of a matter before the Board in which he or she is materially interested, whether directly or indirectly; or
(c) seek to influence the vote of any other member in relation to a matter before the Board in which he or she is materially interested, whether directly or indirectly.
(5) A member who contravenes subsection (4) commits an offence and is liable on summary conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both such fine and imprisonment.