Sch 7 para 18C
(1) If a director of a public benefit corporation has in any way a direct or indirect interest in a proposed transaction or arrangement with the corporation, the director must declare the nature and extent of that interest to the other directors. (2) If a declaration under this paragraph proves to be, or becomes, inaccurate or incomplete, a further declaration must be made. (3) Any declaration required by this paragraph must be made before the corporation enters into the transaction or arrangement. (4) This paragraph does not require a declaration of an interest of which the director is not aware or where the director is not aware of the transaction or arrangement in question. (5) A director need not declare an interest— (a) if it cannot reasonably be regarded as likely to give rise to a conflict of interest; (b) if, or to the extent that, the directors are already aware of it; (c) if, or to the extent that, it concerns terms of the director's appointment that have been or are to be considered— (i) by a meeting of the board of directors, or (ii) by a committee of the directors appointed for the purpose under the constitution.