Perbadanan Tabung Amanah Islam Brunei Act · s 12

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12.
(1) Any director who has or acquires, directly or indirectly by himself, his partner or agent —
(a) any share or interest —
(i) in any contract made with the Perbadanan TAIB;
(ii) in any work done for the Perbadanan TAIB; or

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CAP. 163 13
(iii) in any company or firm or in respect of any undertaking with which the Perbadanan TAIB proposes to enter into a contract; or
(b) any beneficial interest in land proposed to be acquired, purchased, leased or otherwise dealt with by the Perbadanan TAIB, which he knows to be affected or likely to be affected by any project, scheme or enterprise approved or proposed to be approved by the
Perbadanan TAIB, shall declare the nature and extent of his share or interest to the
Perbadanan TAIB.
(2) The declaration required to be made by a director under subsection (1) shall be made at a meeting of the Board at which any question relating to such contract, acquisition, purchase, lease, dealing, project or scheme is first taken into consideration, or if the director has not at the date of that meeting any such share or interest, at the next such meeting held after he acquired such share or interest, and in a case where a director acquires any such share or interest in any contract with the Perbadanan TAIB after it has been made, the declaration shall be made at the first meeting held after that director acquires such share or interest.
(3) For the purposes of this section, a general notice given to the other directors by a director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract which may, after the date of the notice, be made with or by that company or firm, is deemed to be a sufficient declaration of interest in relation to any contract or application so made:
Provided that such notice shall be of no effect unless either it is given at a meeting of the Board or the director concerned takes reasonable steps to secure that it is brought up and read at the next meeting of the Board after it is given.
(4) Every declaration made in pursuance of this section shall be recorded in the minutes of the meeting at which it was made or read.

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(5) A director shall not vote upon any resolution or question relating to any contract, acquisition, purchase, lease, dealing, project or scheme in which he has any share or interest, whether or not he has declared the same, nor shall he take part in any deliberation (except by the invitation of the
Board) or decision relating thereto or to any matter incidental thereto, and if he shall do so his vote shall not be counted, nor shall he be counted in the quorum present at the meeting for the purpose of such resolution or question.

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s 12

(1)

Any director who has or acquires, directly or indirectly by himself, his partner or agent —

(a)

any share or interest —

(i)

in any contract made with the Perbadanan TAIB;

(ii)

in any work done for the Perbadanan TAIB; or

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CAP. 163 13

(iii)

in any company or firm or in respect of any undertaking with which the Perbadanan TAIB proposes to enter into a contract; or

(b)

any beneficial interest in land proposed to be acquired, purchased, leased or otherwise dealt with by the Perbadanan TAIB, which he knows to be affected or likely to be affected by any project, scheme or enterprise approved or proposed to be approved by the

Perbadanan TAIB, shall declare the nature and extent of his share or interest to the

Perbadanan TAIB.

(2)

The declaration required to be made by a director under subsection (1) shall be made at a meeting of the Board at which any question relating to such contract, acquisition, purchase, lease, dealing, project or scheme is first taken into consideration, or if the director has not at the date of that meeting any such share or interest, at the next such meeting held after he acquired such share or interest, and in a case where a director acquires any such share or interest in any contract with the Perbadanan TAIB after it has been made, the declaration shall be made at the first meeting held after that director acquires such share or interest.

(3)

For the purposes of this section, a general notice given to the other directors by a director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract which may, after the date of the notice, be made with or by that company or firm, is deemed to be a sufficient declaration of interest in relation to any contract or application so made:

Provided that such notice shall be of no effect unless either it is given at a meeting of the Board or the director concerned takes reasonable steps to secure that it is brought up and read at the next meeting of the Board after it is given.

(4)

Every declaration made in pursuance of this section shall be recorded in the minutes of the meeting at which it was made or read.

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(5)

A director shall not vote upon any resolution or question relating to any contract, acquisition, purchase, lease, dealing, project or scheme in which he has any share or interest, whether or not he has declared the same, nor shall he take part in any deliberation (except by the invitation of the

Board) or decision relating thereto or to any matter incidental thereto, and if he shall do so his vote shall not be counted, nor shall he be counted in the quorum present at the meeting for the purpose of such resolution or question.