# National Health Service Act 2006, Paragraph 18C


(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.

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Source: https://www.legislation.gov.uk/ukpga/2006/41/schedule/7/paragraph/18C (the official version)
Page: https://openlegislation.uk/national-health-service-act-2006/schedule-7/paragraph-18C
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.