SYDNEY OPERA HOUSE TRUST ACT 1961 - SECT 12A
Disclosure of pecuniary interests
SYDNEY OPERA HOUSE TRUST ACT 1961 - SECT 12A
Disclosure of pecuniary interests
12A Disclosure of pecuniary interests
(1) If:
(a) a trustee has a direct or indirect pecuniary interest in a matter
being considered or about to be considered at a meeting of the Trust, and
(b)
the interest appears to raise a conflict with the proper performance of the
trustee's duties in relation to the consideration of the matter,
the trustee
must, as soon as possible after the relevant facts have come to the trustee's
knowledge, disclose the nature of the interest at a meeting of the Trust.
(a) is a
member, or is in the employment, of a specified company or other body, or
(b)
is a partner, or is in the employment, of a specified person, or
(c) has some
other specified interest relating to a specified company or other body or to a
specified person,
is a sufficient disclosure of the nature of the interest in
any matter relating to that company or other body or to that person which may
arise after the date of the disclosure and which is required to be disclosed
under subsection (1).
(3) Particulars of any disclosure made under this
section must be recorded by the Trust in a book kept for the purpose and that
book must be open at all reasonable hours to inspection by any person on
payment of the fee determined by the Trust.
(4) After a trustee has disclosed
the nature of an interest in any matter, the trustee must not, unless the
Trust otherwise determines:
(a) be present during any deliberation of the
Trust with respect to the matter, or
(b) take part in any decision of the
Trust with respect to the matter.
(5) For the purposes of the making of a
determination by the Trust under subsection (4), a trustee who has a direct or
indirect pecuniary interest in a matter to which the disclosure relates must
not:
(a) be present during any deliberation of the Trust for the purpose of
making the determination, or
(b) take part in the making by the Trust of the
determination.
(6) A contravention of this section does not invalidate any
decision of the Trust.
(7) This section applies to a member of a committee of
the Trust and the committee in the same way as it applies to a trustee of the
Trust and the Trust.