South Australian Current Acts South Australian Current Acts (1) A member of the
Commission who is directly or indirectly interested in a transaction entered
into by, or in the contemplation of, the Commission—
(a) must
as soon as the member becomes aware of the transaction, or the proposed
transaction, disclose the nature of the interest to the Commission; and
(b) must
not take part in any deliberations or decision of the Commission with respect
to that transaction.
Maximum penalty: $1 250.
(2) A disclosure under
this section must be recorded in the minutes of the Commission.
(3) Despite
subsection (1) or any other law, a legal practitioner who—
(a) is,
or is employed by, a member of the Commission; or
(b)
practises in partnership with a member of the Commission; or
(c) is,
or is employed by, a body corporate of which a member of the Commission is a
director, shareholder or employee,
may be assigned to provide legal assistance under this Act, and where such an
assignment is, or is to be, made in the ordinary course of the business of
the Commission, and in accordance with the criteria ordinarily applied by the
Commission, no disclosure is required under subsection (1) in respect of
the assignment.
(4) Where a member
makes a disclosure of interest in respect of a transaction or proposed
transaction in accordance with this section or the transaction or proposed
transaction is such that disclosure is not required—
(a) the
transaction is not void, or liable to be avoided, on any ground arising from
the member's interest in the transaction; and
(b) the
member is not required to account for profits arising from the transaction.