Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 236J

Disclosure to Minister or Chair of AUASB

  (1)   If a member of the AUASB 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 AUASB--give written notice of the interest to the Minister; or

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

Disclosure to AUASB

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

  (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 AUASB.

  (5)   The member:

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

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

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