Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part II · Management, Ownership and Control
11. Disclosure of interest
Feedback & supportA director of a prescribed institution who has an interest, directly or indirectly, in a transaction or arrangement with the prescribed institution, or in any matter being or about to be considered by the prescribed institution, shall, as soon as practicable, disclose to the board of directors of the prescribed institution the nature and extent of his interest.
director
“director” includes any person who occupies the position of a director, and includes a person in accordance with whose directions and instructions the directors or officers are accustomed to act and an Development Financial Institutions 19 alternate or substitute director, and without prejudice to the foregoing, in the case of— (a) a co-operative society, means a member of the board, or other governing body, of the co-operative society; (b) a statutory body, means a member of the board, committee, council or other governing body of the statutory body; (c) a partnership, means a partner; (d) a sole proprietorship, means the sole proprietor; and (e) any other body, association or group of persons, whether corporate or unincorporate, means a person having the direction and control of the management of its business or affairs;
(Deleted by Act A1502).
The secretary to the board shall record in the board’s minutes the disclosure referred to in subsection (1).
(Deleted by Act A1502).
Whether or not a disclosure under subsection (1) has been made, the director shall, in relation to that transaction, arrangement or matter—
arrangement
“arrangement” means an arrangement whether formal or informal, oral or written, express or implied;
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refrain from taking part or from being present in any deliberation or decision of the board; and
be disregarded for the purpose of constituting a quorum of the board.
(Deleted by Act A1502).
No act or proceedings of the board shall be invalidated on the ground that any member of the board has contravened the provisions of this section.
member
“member”, in relation to an institution which is— (a) a corporation, means a shareholder; and (b) a partnership, means a partner;