s.12Disclosure of director's interests
12
Section 12Part 2 — Establishment and Administration of Airports Authority

Disclosure of director's interests

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If a director has any pecuniary interest, direct or indirect, in any contract, proposed contract, licence or other matter and is present at a meeting of the Board at which any of the foregoing is to be considered, he shall at or before the meeting or before the matter is considered disclose the fact and shall leave the meeting for the duration of and not take part in the consideration or discussion of or vote on the matter.
If any director fails to comply with subsection (1) he is guilty of an offence and liable —
on summary conviction to a fine of twenty thousand dollars and to imprisonment for two years; or
on conviction on indictment to a fine of fifty thousand dollars and to imprisonment for three years, unless he proves that he did not know that the matter in which he had a pecuniary interest was the subject of consideration at that meeting.
A disclosure under subsection (1) shall be recorded in the minutes of the Board meetings.
No act or proceeding of the Board shall be questioned on the ground that a director contravened this section.
This section does not apply to an interest in a contract or licence or proposed contract or licence or other matter which a director has as a member of the public or to an interest in any matter relating to the terms on which the right to participate in any service is offered to the public.

Referenced By