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Disclosure by members of Board and subsidiary boards and staff of interests.
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25.—(1) A member of the Board or of a subsidiary board who has any material or financial interest—
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(a) in any body corporate with which the Board has made a contract or proposes to make any contract, or
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(b) in any contract which the Board has made or proposes to make,
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shall at a meeting of the board or the subsidiary board where any such matters has arisen—
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(i) disclose the fact of such interest and the nature thereof,
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(ii) withdraw from the meeting or that part of the meeting during which the matter is discussed,
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(iii) take no part in any deliberations of the Board or the subsidiary board relating to the matter, and
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(iv) not vote on a decision relating to the matter.
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(2) Where an interest is disclosed pursuant to this section, the disclosure shall be recorded in the minutes of the meeting concerned and, for so long as the matter to which the disclosure relates is being dealt with by the meeting, the member by whom the disclosure is made shall not be counted in the quorum for the meeting.
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(3) Where at the meeting concerned a question arises as to whether or not a course of conduct, if pursued by a member, would constitute a failure to comply with the requirements of subsection (1), the question may be determined by the chairman of the meeting whose decision shall be final and where such a question is so determined, particulars of the determination shall be recorded in the minutes of the meeting.
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(4) (a) Where the Minister is satisfied that a member of the Board has contravened subsection (1) the Minister may remove that member from office.
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(b) Where the Minister or the Board is satisfied that a member of a subsidiary board has contravened subsection (1), the Minister or the Board, with the consent of the Minister, may remove that member from office.
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(c) A person removed from office pursuant to this subsection shall thenceforth be disqualified from being a member of the Board or of a subsidiary board.
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(5) A member of the staff of the Board who has any material or financial interest (otherwise than in his capacity as such a member) to which subsection (1) relates shall—
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(a) disclose to the Board the fact of such interest and the nature thereof, and
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(b) take no part in the negotiation of the contract or in any deliberations relating to the matter.
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