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Disclosure of interest in proposed investments, contracts, etc.
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25.—(1) A director of the Corporation who is either directly or indirectly interested in any industry or enterprise in which the Corporation proposes to invest or otherwise assist, any company or concern with which the Corporation proposes to make a contract, or any contract which the Corporation proposes to make—
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(a) shall disclose to the Board of the Corporation the nature of such interest at the meeting of the Board of the Corporation at which the question of such investment or assistance or such contract is first considered or, if he has no such interest at that time, as soon as may be after he has acquired such interest,
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(b) shall take no part in any deliberations of the Board relating to such investment, assistance or contract save to such extent as the chairman of the meeting, at which such deliberations take place, may permit, and
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(c) shall not vote on a decision relating to such investment, assistance or contract.
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(2) A disclosure under this section shall be recorded in the minutes of the Corporation.
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(3) Where the Minister is satisfied that a director of the Corporation has failed to comply with the requirements of subsection (1), he may, if he thinks fit, remove that director from the Board of the Corporation and, in case a person is removed pursuant to this subsection, he shall thenceforth be disqualified from being a director of the Corporation.
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