Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies to a member of the corporation (the interested member) if—
(a) the interested member has a direct or indirect financial interest in an issue being considered, or about to be considered, by the corporation; and
(b) the interest could conflict with the proper performance of the member's duties about the consideration of the issue.
(2) As soon as practicable after the relevant facts come to the interested member's knowledge, the member must disclose the nature of the interest to a corporation meeting.
(3) Unless the corporation otherwise directs, the interested member must not—
(a) be present when the corporation considers the issue; or
(b) take part in a decision of the corporation about the issue.
(4) The interested member must not be present when the corporation is considering whether to give a direction under subsection (3).
(5) If there is another member of the corporation who must, under subsection (2), also disclose an interest in the issue, the other member must not—
(a) be present when the corporation is considering whether to give a direction under subsection (3) about the interested member; or
(b) take part in making the decision about giving the direction.
(6) If—
(a) because of this section, a member of the corporation is not present at a corporation meeting for considering or deciding an issue, or for considering or deciding whether to give a direction under subsection (3); and
(b) there would be a quorum if the member were present;
the remaining members of the corporation present are a quorum of the corporation for considering or deciding the issue, or for considering or deciding whether to give the direction, at the meeting.
(7) A disclosure under subsection (2) must be recorded in the minute book.