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RESIDENTIAL TENANCIES AND ROOMING ACCOMMODATION ACT 2008 - SECT 478
Disclosure of interests
478 Disclosure of interests
(1) A director must disclose to a meeting of the board a direct or indirect
financial interest in an issue being considered or about to be considered by
the board if— (a) the director, or a person who, under a regulation, is
related to the director, has the interest; and
(b) the interest could
conflict with the proper performance of the director’s duties about the
consideration of the issue.
(2) The disclosure must be recorded in the
board’s minutes and, unless the board otherwise directs, the director must
not be present when the board considers the issue, or take part in a decision
of the board on the issue.
(3) Another director who also has, or who is,
under a regulation, related to a person 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 (2) ; or
(b) take part in making
the decision.
(4) If, because of this section, a director is not present at a
meeting of the board for the deliberation of the board about an issue, but
there would be a quorum if the director were present, the remaining directors
present are a quorum for the board’s deliberation or decision about the
issue at the meeting.
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