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Disclosure by member of Board of interest in proposed contract.
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17.—(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 a 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 a 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 a contract, and
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(d) shall not be counted in the quorum present at any meeting while such a contract (if made) or such a proposal is being considered.
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(2) A disclosure under this section shall be recorded in the minutes of the Board.
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(3) Where the Minister is satisfied that a member of the Board has failed to comply with a requirement of subsection (1) of this section, he may, if he thinks fit, remove that member from office, and, in case a person is removed from office pursuant to this subsection, he shall thenceforth be disqualified for membership of the Board.
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