Commonwealth Consolidated Acts

FUTURE FUND ACT 2006 - SECT 68

Board member's duty to notify other Board members of material personal interest when conflict arises

  (1)   A Board member who has a material personal interest in a matter that relates to the affairs of the Board must give the other Board members notice of the interest unless subsection   (2) says otherwise.

  (2)   The Board member does not need to give notice of an interest under subsection   (1) if:

  (a)   the interest relates to a contract that insures, or would insure, the Board member against liabilities the Board member incurs as a Board member (but only if the contract does not make the Board the insurer); or

  (b)   all the following conditions are satisfied:

  (i)   the Board member has already given notice of the nature and extent of the interest and its relation to the affairs of the Board under subsection   (1);

  (ii)   if a person who was not a Board member at the time when the notice under subsection   (1) was given is appointed as a Board member--the notice is given to that person;

  (iii)   the nature or extent of the interest has not materially increased above that disclosed in the notice; or

  (c)   the Board member has given a standing notice of the nature and extent of the interest under section   69 and the notice is still effective in relation to the interest.

  (3)   The notice required by subsection   (1) must:

  (a)   give details of:

  (i)   the nature and extent of the interest; and

  (ii)   the relation of the interest to the affairs of the Board; and

  (b)   be given at a Board meeting as soon as practicable after the Board member becomes aware of his or her interest in the matter.

The details must be recorded in the minutes of the meeting.

Effect of contravention by Board member

  (4)   A contravention of this section by a Board member does not affect the validity of any transaction or resolution.