Victorian Current Acts Victorian Current ActsS. 18(1) amended
by Nos 9549
s. 2(1)(Sch. item 56),
97/1997
s. 12(j)(i)(ii).
(1) A member of the Board of Management or of any committee or council formed pursuant to section 17 who has or acquires any financial interest, other than a financial interest which may properly be regarded as not of a material nature, in a contract or arrangement made or proposed to be made by the Foundation shall disclose his or her interest in the contract or arrangement or proposed contract or arrangement to the Board or committee or council (as the case may be).
(2) A member who makes a disclosure under subsection (1) shall do so—
S. 18(2)(a)
amended by No. 97/1997
s. 12(k)(i)(ii).
(a) if the member is aware of his or her interest at the first meeting of the Board of Management or committee or council at which the contract or arrangement or proposed contract or arrangement is considered—at that meeting; or
S. 18(2)(b)
amended by No. 97/1997
s. 12(k)(i) -(iii).
(b) if his or her interest does not exist when the contract or arrangement or proposed contract or arrangement is first considered by the Board or committee or council or the member is not aware of its existence—at the first meeting of the Board or committee or council after the member acquires his or her interest or becomes aware of his or her interest (as the case may be).
(3) A member of the Board of Management or committee or council who makes a disclosure under subsection (1) shall not vote on any resolution concerning the contract or arrangement or proposed contract or arrangement in respect of which the disclosure was made.
(4) Notwithstanding this section, any act done or resolution passed at any meeting of the Board of Management or any committee or council shall be valid and effective notwithstanding the breach by any member of the Board or committee or council of the terms of this section.
S. 19
amended by Nos 97/1997
s. 12(l)(i)-(iv), 74/2000 s. 3(Sch. 1 item 42.2).