Singapore legislation
Clause 13
Clause 13
Director’s interest in contract to be made known
(1)
A director who is directly or indirectly interested in a contract made, or proposed to be made, by the Authority shall disclose the nature of his interest at the first meeting of the board at which he is present after the relevant facts have come to his knowledge.
(2)
A disclosure under subsection (1) of this section shall be recorded in the minutes of the board and, after the disclosure, the director —
shall not take part in any deliberation or decision of the board with respect to that contract; and
shall be disregarded for the purpose of constituting a quorum of the board for any such deliberation or decision.
(3)
No act or proceeding of the board shall be questioned on the ground that a director has contravened the provisions of this section.