Western Australian Current Acts

GOVERNMENT TRADING ENTERPRISES ACT 2023 - SECT 58

58 .         Disclosure of material personal interests

        (1)         A director of a GTE who has a material personal interest in a matter that relates to the GTE’s affairs must, as soon as practicable after the relevant facts become known to the director, disclose the nature and extent of the interest to the other directors.

        Penalty for this subsection: a fine of $10 000.

        (2)         A member of a GTE’s committee who has a material personal interest in a matter that relates to the GTE’s affairs must, as soon as practicable after the relevant facts become known to the member, disclose the nature and extent of the interest to the other members of the committee.

        Penalty for this subsection: a fine of $10 000.

        (3)         Subsections (1) and (2) both apply to a director of a GTE who is also a member of a committee.

        (4)         A director or member of a committee may fulfil a duty to disclose the nature and extent of a material personal interest by —

            (a)         making the disclosure at a meeting of the board or committee; or

            (b)         if the duty arises because of a resolution that is being dealt with under section 34 — making the disclosure to the chairperson of the GTE’s board; or

            (c)         if the matter is not being dealt with at a meeting or by a resolution dealt with under section 34 — making the disclosure to the chairperson of the GTE’s board.

        (5)         If a director of a GTE or a member of a GTE’s committee has, in the opinion of the person presiding at a meeting of the board or committee, a material personal interest in a matter that relates to the GTE’s affairs, the person presiding may —

            (a)         call on the director or member to disclose the nature and extent of the interest under subsection (1) or (2); and

            (b)         if the director or member does not do so — determine that the director or member has the interest.

        (6)         A disclosure under subsection (1) or (2) at a meeting or a determination under subsection (5) must be recorded in the minutes of the meeting.

        (7)         A contravention of this section by a director or member of a committee does not affect the validity of any act, transaction, agreement, instrument, resolution or other thing.