Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 236DA

Disclosure to Minister or Chair of AASB

  (1)   If a member of the AASB has or acquires any direct or indirect pecuniary interest that conflicts or could conflict with the proper performance of the member's functions, the member must:

  (a)   if the member is the Chair of the AASB--give written notice of the interest to the Minister; or

  (b)   if the member is not the Chair of the AASB--give written notice of the interest to the Chair of the AASB.

Disclosure to AASB

  (2)   A member of the AASB who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the AASB must disclose the nature of the interest to a meeting of the AASB.

  (3)   The disclosure under subsection   (2) must be made as soon as possible after the relevant facts have come to the member's knowledge.

  (4)   The disclosure under subsection   (2) must be recorded in the minutes of the meeting of the AASB.

  (5)   The member:

  (a)   must not be present during any deliberation by the AASB on the matter; and

  (b)   must not take part   in any decision of the AASB with respect to the matter;

unless the Minister (if the member is the Chair of the AASB) or the Chair of the AASB (if the member is not the Chair of the AASB) otherwise determines.