Australian Capital Territory Repealed Acts

This legislation has been repealed.

INSURANCE AUTHORITY ACT 2000 (REPEALED) - SECT 28

    (1)     This section applies to a director if—

        (a)     the director has a direct or indirect financial interest in an issue being considered, or about to be considered, by the board; and

        (b)     the interest could conflict with the proper exercise of the director's functions in relation to the board's consideration of the issue.

    (2)     As soon as practicable after the relevant facts come to the director's knowledge, the director must disclose the nature of the interest to a meeting of the board.

    (3)     The disclosure must be recorded in the board's minutes and, unless the board otherwise decides, the director must not—

        (a)     be present when the board considers the issue; or

        (b)     take part in a decision of the board on the issue.

    (4)     Any other director who also has a direct or indirect financial interest in the issue must not—

        (a)     be present when the board is considering its decision under subsection (3); or

        (b)     take part in making the decision.

    (5)     The chairperson must, within 14 days after the end of each financial year, give the Minister a statement of any disclosure of interest made under subsection (2).

    (6)     The Minister must give a copy of each statement under subsection (5) to the relevant committee of the Legislative Assembly within 14 days after receiving the statement.

    (7)     In subsection (6):

"relevant committee", of the Legislative Assembly, means—

        (a)     the standing committee of the Legislative Assembly nominated by the Speaker for subsection (6); or

        (b)     if there is no nomination under paragraph (a)—the standing committee of the Legislative Assembly responsible for the scrutiny of public accounts.