Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 49

49. (1) The Governor-General may terminate the appointment of an appointed
member of the Board for misbehaviour or physical or mental incapacity.

(2) If an appointed member-

   (a)  becomes bankrupt, applies for the benefit of any law for the relief of
        bankrupt or insolvent debtors, compounds with his creditors or makes
        an assignment of his remuneration for their benefit;

   (b)  is absent, except on leave granted by the Minister, from 3 consecutive
        meetings of the Board; or

   (c)  fails to comply with his obligations under sub-section (3), the
        Governor-General shall, by notice published in the Gazette, declare
        that the office of that member is vacant, and thereupon the office
        shall be deemed to be vacant.

(3) If an appointed member, or an acting member, is directly or indirectly
interested in a contract made, or proposed to be made, by the Corporation,
otherwise than as a member, and in common with the other members, of an
incorporated company consisting of not less than 25 persons, he shall, as soon
as possible after the relevant facts have come to his knowledge, disclose the
nature of his interest at a meeting of the Board.

(4) A disclosure under sub-section (3) shall be recorded in the minutes of the
Board, and the member or acting member, as the case may be-

   (a)  shall not take part, after the disclosure, in any deliberation or
        decision of the Board with respect to the contract; and

   (b)  shall be disregarded for the purposes of constituting a quorum of the
        Board for any deliberation or decision.