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Disclosure by member of Board of interest in proposed contract.
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10.—(1) A member of the Board who is either directly or indirectly interested in any company or concern with which the Board proposes to make any contract, or in any contract which the Board proposes to make—
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(a) shall disclose to the Board the fact and the nature of such interest at the meeting of the Board at which the question of entering into such contract is first considered or, if he has no such interest at that time, as soon as may be after he has acquired such interest,
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(b) shall take no part in any deliberations of the Board relating to such contract save to such extent as the chairman of the Board may permit,
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(c) shall not vote on a decision relating to such contract, and
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(d) shall not be counted in the quorum present at the meeting dealing with such contract.
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(2) A disclosure under this section shall be recorded in the minutes of the Board.
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