Cap. 588 Art. 12Conflicts of interests.

(1) Any member who has a direct or indirect interest in any contract, proposed contract or in any transaction or arrangement (whether or not constituting a contract) made or proposed to be made by or with the Agency, not being an interest which disqualifies such member under article 11 above from being or remaining a member, shall disclose the nature of such interest, or, if applicable, the nature of the interest of a connected person, at the first meeting of the Board after the relevant facts have come to the knowledge of such member.

(2) After the disclosure has been recorded in the minutes of the meeting of the Board, that member shall withdraw from that part or parts of the meeting at which such contract, proposed contract, transaction or arrangement however so described is discussed or decided on by the Board and, in any event, that member shall be prohibited from voting on such contract, proposed contract, transaction or arrangement.

(3) If the Board is of the view that an interest disclosed to it under article 12(1) is such that it satisfies the grounds for disqualification of a person from being a member of the Board in terms of article 11(1)(f) or (g) above, the Board shall notify the Minister in writing, and the Minister shall take such steps as he may deem necessary in such circumstances, including either (i) notifying the Board that he disagrees with the Board giving his reasons therefor or (ii) terminating the appointment of such member pursuant to article 10(2).