Western Australian Current Acts Western Australian Current Acts (1) A director of a
GTE or a member of a GTE’s committee (the interested person ) who has,
or has been determined under section 58(5)(b) to have, a material personal
interest in a matter that relates to the GTE’s affairs —
(a) must
not vote (whether at a meeting or otherwise) on the matter; and
(b) must
not be present (whether in person or remotely) while the matter is being
considered at a meeting.
(2) The scope of the
matter referred to in subsection (1) includes a proposed resolution under
subsection (3) in respect of the matter, whether relating to the interested
person or another person.
(3) The restrictions
in subsection (1) do not apply to the interested person to the extent that the
board or committee has at any time passed a resolution that —
(a)
specifies the interested person, the interest and the matter; and
(b)
states that the directors or members voting for the resolution are satisfied
that the interest should not disqualify the interested person from considering
the matter or considering and voting on the matter.
(4) For the purposes
of subsection (1), a director or member —
(a) does
not have a material personal interest in a matter if the interest —
(i)
arises merely because the director or member has a
shareholding in a public company; and
(ii)
is shared in common with other shareholders in that
company;
and
(b) does
not have a material personal interest in a matter relating to an existing or
proposed contract of insurance merely because the contract insures, or would
insure, the director or member against a liability incurred as a director of
the board or a member of a committee, unless the GTE is the insurer.
(5) Subsection (4)
does not limit what is or is not a material personal interest.
(6) 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.