Singapore legislation
Clause 7
Clause 7
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 Corporation shall disclose the nature of his interest at the first meeting of the Corporation 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 Corporation and, after the disclosure, that member shall —
not take part in any deliberation or decision of the Corporation with respect to that contract; and
be disregarded for the purpose of constituting a quorum for the meeting of the Corporation for any such deliberation or decision.
(3)
No act or proceeding of the Corporation shall be questioned on the ground that a member has contravened the provisions of this section.