Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A member of the committee of an incorporated association who has a direct or indirect pecuniary interest in a contract, or proposed contract, with the association:
(a) must, as soon as the member becomes aware of the interest, disclose the nature and extent of the interest to the committee; and
(b) must disclose the nature and extent of the interest at the next annual general meeting of the association required to be held by the association.
Maximum penalty: 200 penalty units.
(2) Subsection (1) does not apply in relation to a pecuniary interest that exists only because:
(a) the member of the committee is an employee of the association; or
(b) the member of the committee is a member of a class of persons for whose benefit the association is established; or
(c) the member of the committee has the pecuniary interest in common with all or a substantial proportion of the members of the association.
(3) If a member of the committee of an incorporated association discloses a pecuniary interest in a contract, or proposed contract, in accordance with this section, or his or her interest is not required under this section to be disclosed:
(a) the contract is not liable to be avoided by the association on a ground arising from the fiduciary relationship between the member and the association; and
(b) the member is not liable to account for profits derived from the contract.