Schedule 5 to the Principal Act is amended as follows:

(a) by omitting subclause (1) from clause 1 and substituting the following subclause:

(1) The members of the Board are to elect a deputy chairperson from the members of the Board.

(b) by omitting subclause (1) from clause 2 and substituting the following subclause:

(1) Five members of the Board constitute a quorum of the Board.

(c) by omitting from clause 2(3) "8 members" and substituting "4 members" ;

(d) by omitting subclause (5) from clause 2 ;

(e) by omitting clause 3 and substituting the following clause:

3.    Disclosure of interests

(1) If a member of the Board has a direct or indirect pecuniary interest in a matter being considered, or about to be considered, by the Board, the member must, as soon as practicable after the relevant facts come to the member's knowledge, disclose the nature of the interest to the Board.

Penalty:  Fine not exceeding 100 penalty units.

(2) Unless the Board otherwise determines, a member of the Board who has made a disclosure under subclause (1) in relation to a matter must not –

(a) be present during any deliberation of the Board in relation to the matter; or

(b) take part in any decision of the Board in relation to the matter.

(3) For the purposes of making a determination under subclause (2) , the member of the Board to whom the determination relates must not –

(a) be present during any deliberation of the Board for the purpose of making the determination; or

(b) take part in making the determination.

(4) Subclause (1) does not apply –

(a) in respect of a contract for goods or services supplied by the Board if those goods or services are ordinarily supplied by the Board and are supplied on the same terms as they are ordinarily supplied to other persons in the same situation; or

(b) in respect of an interest that arises only because the member is also a State Service officer or State Service employee.

(f) by omitting subclause (4) from clause 4 and substituting the following subclause:

(4) The ordinary business of the annual general meeting is to receive from the members of the Board reports on the transactions of the Board during the last preceding financial year.

(g) by omitting from clause 5(2) "8 members" and substituting "4 members" .