South Australian Consolidated Acts

OUTBACK AREAS COMMUNITY DEVELOPMENT TRUST ACT 1978 - SECT 11

11—Disclosure of interest

        (1)         A member of the Trust who is in any way directly or indirectly interested in a contract, or proposed contract, made by, or in the contemplation of, the Trust—

            (a)         shall as soon as he becomes aware of the contract or proposed contract, disclose the nature of his interest to the Trust; and

            (b)         shall not take part in any deliberations or decision of the Trust with respect to that contract.

Penalty: Five hundred dollars.

        (2)         Any disclosure made in compliance with subsection (1) of this section shall be recorded in the minutes of the Trust.

        (3)         Where a member makes a disclosure of interest in respect of a contract or proposed contract in the minutes of the Trust.

        (3)         Where a member makes a disclosure of interest in respect of a contract or proposed contract in accordance with this section—

            (a)         the contract is not liable to be avoided by the Trust on any ground arising from the fiduciary relationship between a member and the Trust; and

            (b)         the member is not liable to account to the Trust for profits derived from the contract.