s 11 Disclosure of interest
(1) A director of a prescribed institution who has an interest, directly or indirectly, in a transaction or arrangement with the prescribed institution, or in any matter being or about to be considered by the prescribed institution, shall, as soon as practicable, disclose to the board of directors of the prescribed institution the nature and extent of his interest. (2) (Deleted by Act A1502). (3) The secretary to the board shall record in the board’s minutes the disclosure referred to in subsection (1). (4) (Deleted by Act A1502). (5) Whether or not a disclosure under subsection (1) has been made, the director shall, in relation to that transaction, arrangement or matter— (a) refrain from taking part or from being present in any deliberation or decision of the board; and (b) be disregarded for the purpose of constituting a quorum of the board. (6) (Deleted by Act A1502). (7) No act or proceedings of the board shall be invalidated on the ground that any member of the board has contravened the provisions of this section.