Section 11Part 2 — Establishment, Capital and Administration of Authority
Directors' pecuniary interests
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For the purposes of section 10, a director shall be treated as having an indirect pecuniary interest in a contract, proposed contract, licence or other matter if —
he, or any nominee of his, is a member of a company or other body which has a direct or indirect pecuniary interest in the contract, proposed contract licence or other matter under consideration;
he is a partner, or in the employment of a person with whom the contract was made or is proposed to be made, or who has a direct or indirect pecuniary interest in the contract, proposed contract, licence or other matter under consideration; or
he, or any partner of his, is a professional adviser to a person who has direct or indirect pecuniary interest in a contract, proposed contract, licence or other matter under consideration.
Subsection (1) does not apply to membership of, or employment by, any public body.
In the case of married persons, the interest of one spouse shall be deemed for the purpose of section 10 to be also the interest of the other.
Where a director has an indirect pecuniary interest in a contract or licence or proposed contract or licence or other matter by reason only of a beneficial interest in securities of a company or other body, and the nominal value of those securities does not exceed one thousand dollars or one-thousandth of the total nominal value of the issued securities or of any class of issued securities, section 10 shall not prohibit him from taking part in the consideration or discussion of or voting on the contract or licence or proposed contract or licence or other matter, without prejudice however to his duty to disclose his interest.
The Cabinet may, subject to such conditions as it may think fit, appoint persons to act as directors for any specified period in any case in which the number of directors disabled by section 10 at any one time would be so great a proportion of the whole as to impede the transaction of business by the Board.
Defined Terms
indirect pecuniary interestbeneficial interest
Cross References
- Section 10 of Health Services Authority Act
Disclosure of directors' interests