Singapore legislation
Clause 12
Clause 12
Member’s interest in contract to be made known
(1)
A member who is directly or indirectly interested in a contract made, or proposed to be made, by the Board 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) shall be recorded in the minutes of the meeting of the Board and, after the disclosure, that member —
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 such deliberation or decision.
(3)
No act or proceedings of the Board shall be questioned on the ground that a member has contravened the provisions of this section.