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Paragraph 18C F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

If a director of a public benefit corporation has in any way a direct or indirect interest in a proposed transaction or arrangement with the corporation, the director must declare the nature and extent of that interest to the other directors.

(2)

If a declaration under this paragraph proves to be, or becomes, inaccurate or incomplete, a further declaration must be made.

(3)

Any declaration required by this paragraph must be made before the corporation enters into the transaction or arrangement.

(4)

This paragraph does not require a declaration of an interest of which the director is not aware or where the director is not aware of the transaction or arrangement in question.

(5)

A director need not declare an interest—

(a)

if it cannot reasonably be regarded as likely to give rise to a conflict of interest;

(b)

if, or to the extent that, the directors are already aware of it;

(c)

if, or to the extent that, it concerns terms of the director's appointment that have been or are to be considered—

(i)

by a meeting of the board of directors, or

(ii)

by a committee of the directors appointed for the purpose under the constitution.

Annotations

Textual amendments

F1

Sch. 7 para. 18C inserted (1.4.2013) by Health and Social Care Act 2012 (c. 7), ss. 152(3), 306(4); S.I. 2013/160, art. 2(2) (with arts. 7-9)