Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A Board member who has an interest in a matter may give the other Board members standing notice of the nature and extent of the interest in the matter in accordance with subsection (2). The notice may be given at any time and whether or not the matter relates to the affairs of the Board at the time the notice is given.
Note: The standing notice may be given to the other Board members before the interest becomes a material personal interest.
(2) The notice under subsection (1) must:
(a) give details of the nature and extent of the interest; and
(i) at a Board meeting (either orally or in writing); or
(ii) to the other Board members individually in writing.
The standing notice is given under subparagraph (b)(ii) when it has been given to every Board member.
Standing notice must be tabled at meeting if given to Board members individually
(3) If the standing notice is given to the other Board members individually in writing it must be tabled at the next Board meeting after it is given.
Nature and extent of interest must be recorded in minutes
(4) The Board member must ensure that the nature and extent of the interest disclosed in the standing notice is recorded in the minutes of the meeting at which the standing notice is given or tabled.
Dates of effect and expiry of standing notice
(a) takes effect as soon as it is given; and
(b) ceases to have effect if a person who was not a Board member at the time when the notice was given is appointed as a Board member.
A standing notice that ceases to have effect under paragraph (b) commences to have effect again if it is given to the person referred to in that paragraph.
Effect of material increase in nature or extent of interest
(6) The standing notice ceases to have effect in relation to a particular interest if the nature or extent of the interest materially increases above that disclosed in the notice.
Effect of contravention by Board member
(7) A contravention of this section by a Board member does not
affect the validity of any transaction or resolution.