(1) A Board member who
has a material personal interest in a matter being considered or about to be
considered by the Board must, as soon as possible after the relevant facts
have come to the Board member’s knowledge, disclose the nature of the
interest at a meeting of the Board.
Penalty for this subsection: a fine of
$10 000.
(2) A member of a
committee who has a material personal interest in a matter being considered or
about to be considered by the committee must, as soon as possible after the
relevant facts have come to the member’s knowledge, disclose the nature
of the interest at a meeting of the committee.
Penalty for this subsection: a fine of
$10 000.
(3)
Subsection (2) applies to a person who is a member of a committee and
also a Board member even though the person has already disclosed the nature of
the interest at a meeting of the Board.
(4) A disclosure under
subsection (1) or (2) must be recorded in the minutes of the
meeting.