Clause 6

Every person appointed to be a member of the Authority shall, within three months after his appointment, sell or dispose of all shares in any telecommunication undertaking which, at the time of his appointment, he owns or has an interest in for his own benefit, and it shall not be lawful for any member of the Authority, whilst he holds office as such, to purchase or acquire an interest in, for his own benefit, any shares in any telecommunication undertaking, and, if any member of the Authority becomes entitled, for his own benefit under any will or succession, to any shares in any telecommunication undertaking, he shall sell or dispose of the same within three months after he has become entitled thereto.Except that the Minister may waive the requirements of this subsection in any specific case.

Any member of the Authority who retains, purchases, takes or becomes or retains an interest in any shares in any telecommunication undertaking in contravention of the provisions of this section shall be disqualified from, and be deemed thereupon to have vacated, his office as such member, and the Chairman shall cause an entry to that effect to be made in the minutes of the Authority as soon as practicable after the fact of any such contravention comes to his knowledge and shall cause a notification of such vacation of office to be published in the Gazette.

The fact of any person disqualified under this section having sat on or taken part in any proceeding of the Authority before such entry as aforesaid has been made in the minutes shall not invalidate any resolution or proceeding of the Authority.

In this section, “share in any telecommunication undertaking” means any stock, shares, debentures, debenture stock, bonds or other securities of any company engaged in the operation of a telecommunication service, or in the installation, sale or the manufacture of telecommunication apparatus, and includes any share or interest in any unincorporated undertaking similarly engaged.