Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 7B

  (1)   This section applies in relation to a member of the Reserve Bank Board if:

  (a)   a meeting of the Board is considering either or both of the following matters:

  (i)   the monetary policy of the Bank;

  (ii)   the role of the Bank in financial system stability; and

  (b)   the member has a material personal interest that relates to the matter; and

  (c)   within the previous 12 months the member has disclosed, in writing, the member's interest to the Treasurer (whether the disclosure occurs before or after this section commences); and

  (d)   there has been no substantial change in the nature or composition of the interest since the disclosure.

  (2)   The member may do either or both of the following:

  (a)   be present during any consideration by the Board of the matter;

  (b)   vote on the matter.

  (3)   The member is taken to have complied with section   29 of the Public Governance, Performance and Accountability Act 2013 , and any rules made for the purposes of that section.

  (4)   This section applies:

  (a)   despite subsections   7A(1), (4) and (5) of this Act; and

  (b)   instead of any rules made for the purposes of subsection   29(2) of the Public Governance, Performance and Accountability Act 2013 .