Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) If a member has a direct or indirect interest in a matter being considered, or about to be considered, by the Board, the member must disclose the nature of the interest to a meeting of the board as soon as practicable after the relevant facts come to the member's knowledge.
Fault element: The member intentionally fails to make the disclosure.
Maximum penalty: 50 penalty units or imprisonment for 6 months.
(2) However, subsection (1) does not apply to the obtaining, negotiating or renewing of a director's and officer's insurance policy.
(3) The disclosure must be recorded in the Board's minutes.
(4) A member who has disclosed an interest under subsection (1):
(a) must not, while the member has the interest, take part after the disclosure in any deliberation or decision of the Board in relation to the matter in which the member has the interest; and
(b) is to be disregarded for the purpose of constituting a quorum of the Board in relation to the deliberation or decision of the Board in relation to the matter in which the member has the interest.
(5) Subsection (4) does not apply to a member if the Board resolves that the subsection does not apply to the member.
(6) A member who has disclosed an interest under subsection (1) may withdraw from the meeting during a period of deliberation or decision of the Board in relation to the matter in which the member has the interest, even if the Board has made a resolution under subsection (5) in relation to the matter.