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Disclosure of interest by trustees of trustee savings bank.
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21.—(1) A trustee of a trustee savings bank who has—
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(a) an interest in a company or concern with which the bank proposes to make or has made a contract, or
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(b) an interest in a contract which the bank proposes to make or has made,
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or is a person with whom a person who has such an interest is connected shall disclose to the bank and to the other trustees at a meeting of the trustees the fact of the interest and the nature thereof and shall take no part in any deliberation or decision of any such meeting relating to the contract.
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(2) A disclosure under this section shall be made at the earliest opportunity.
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(3) A general notice given by a trustee of a trustee savings bank to the bank and to the trustees of the bank, at a meeting of the trustees, to the effect that he is a member of a specified company or firm and is to be regarded as interested in any contract that may, after the date of the notice, be made with the company or firm shall be deemed, for the purposes of subsection (1) to be a sufficient disclosure of the interest concerned.
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(4) A disclosure made under subsection (1), and a notice given under subsection (3), to trustees of a trustee savings bank shall be recorded in the minutes of meetings of the trustees.
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(5) (a) For the purposes of this section, a person is connected with a trustee of a trustee savings bank if, but only if—
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(i) he is the trustee's spouse or lives together with him as a spouse,
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(ii) he is the trustee's parent or child, or
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(iii) he is a person acting in his capacity as the trustee (other than as trustee under an employee's share scheme or a pension scheme) of any trust the beneficiaries of which include the trustee of the trustee savings bank, his spouse or any of his children or a body corporate with which he is associated or the terms of which confer a power on the trustees that may be exercised for the benefit of the trustee of the trustee savings bank, his spouse or any of his children or any such body corporate,
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(iv) he is a person acting in his capacity as partner of the trustee or of any person who, by virtue of subparagraph (i), (ii) or (iii) is connected with the trustee, or
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(v) he is a body corporate (other than a subsidiary or the holding company of the trustee savings bank or a subsidiary of the holding company of the bank) of which the trustee is a director, manager, secretary or other officer or as respects which he is a member of a committee of management or other controlling authority or as respects which—
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(I) he and any persons with whom he is connected by virtue of subparagraph (i), (ii), (iii) or (iv), or
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(II) a person acting in his capacity as trustee of any trust the beneficiaries of which include the trustee of the trustee savings bank, his spouse or any of his children,
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between them hold one-fifth or more in nominal value of its issued equity share capital or are entitled to exercise or control the exercise of one-fifth or more of the voting power at any of its general meetings.
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(b) A person is associated with a body corporate if he or any person with whom he is connected by virtue of paragraph (a) or a person acting in his capacity as trustee of any trust the beneficiaries of which include the person, his spouse or any of his children between them either—
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(i) holds at least one-fifth or more in nominal value of its issued equity share capital, or
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(ii) are entitled to exercise or control the exercise of one-fifth or more of the voting power at any of its general meetings.
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(c) References in this subsection to a child of a person include references to a step-child, brother, sister, half-brother, half-sister, parent and step-parent of the person.
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(6) A person who contravenes this section shall be guilty of an offence.
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