s.12Declaration of interest
12
Section 12Part 0 —

Declaration of interest

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If a director or a member of a committee appointed under section 11, 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 or committee, as the case may be, at which the contract, proposed contract, licence or other matter is the subject of consideration, that person shall, at the meeting and as soon as practicable after its commencement, disclose the fact and shall not take part in the consideration or discussion of the contract, proposed contract, licence or other matter or vote on any question with respect to it, and shall be excluded from the meeting for the duration of the consideration, discussion and voting procedure.
A person who fails to comply with subsection (1) commits an offence and is liable — (a) on summary conviction, to a fine of twenty thousand dollars and to imprisonment for a term of two years; or (b) on conviction on indictment to a fine of fifty thousand dollars and to imprisonment for a term of five years, unless that person proves that that person did not know that the contract, proposed contract, licence or other matter in which that person had a pecuniary interest was the subject of consideration at that meeting.
on summary conviction, to a fine of twenty thousand dollars and to imprisonment for a term of two years; or
on conviction on indictment to a fine of fifty thousand dollars and to imprisonment for a term of five years,
A disclosure under subsection (1) shall be recorded in the minutes of the Board or committee, as the case may be.
An act or proceeding of the Board or a committee, shall not be questioned on the ground that a director of the Board or a member of a committee has contravened this section.

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