31. Disclosure of interest by directors

Every director of a bank who has in any manner whatsoever, whether directly or indirectly, an interest in an advance, loan or credit facility, or proposed advance, loan or credit facility from that bank shall, as soon as practicable, send a declaration in writing of the nature of the interest to the secretary of the bank and the secretary shall cause that declaration to be circulated forthwith to all the directors.

The requirements of subsection (1) do not apply in any case where —

For the purposes of subsection (1), a general notice given to the board of directors of a bank by a director to the effect that he is an officer or member or a particular institution and is to be regarded as having any interest in any advance, loan or credit facility which, after the date of the notice, may be made to that institution is deemed to be a sufficient declaration of interest in relation to any advance, loan or credit facility so made if —

Every director of a bank who holds any office or possesses any property whereby, whether directly or indirectly, duties or interest might be created in conflict with his duties or interest as director shall declare at a meeting of the directors of that bank the fact and the nature, character and extent of the conflict.

The declaration referred to in subsection (4) shall be made at the first meeting of the directors held —

Where any declaration is made under subsection (1) or (4), the secretary of the bank shall cause the declaration (if not actually made at the meeting) to be read at the next meeting of the directors after it is so made and shall record each such declaration in the minutes of the meeting at which it is made or read.

Any director who is in contravention of subsection (1) or (4) is guilty of an offence and liable on conviction to a fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both.