Northern Territory Consolidated Acts Northern Territory Consolidated Acts15. Member not to act where interested
(1) A member who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Board, otherwise than as a member of, and in common with the other members of, a company consisting of not less than 25 persons and of which the member is not a director, shall, as soon as possible after the relevant facts have come to the member's knowledge, disclose the nature of the member's interest at a meeting of the Board.
(2) A disclosure under subsection (1) shall be recorded in the minutes of the Board.
(3) Where:
(a) a member has an interest of a description referred to in subsection (1); or
(b) an application by a member for the grant of a licence or for registration as an agent's representative is being considered or about to be considered by the Board,
that member shall not take part in any deliberation or decision of the Board in relation to the matter which is the subject of the member's interest or in relation to the application, as the case may be, and shall be disregarded for the purpose of constituting a
quorum of the Board in relation to that matter or application.
Penalty: 100 penalty units.