—(1) Subject to subsections (2) and (3), if a member of a council has a pecuniary interest, direct or indirect, in any contract, proposed contract or other matter which is before any meeting of the council or management corporation, he shall at that meeting —
declare the nature of his interest;
not take part in the consideration or discussion of, or vote on any question with respect to, that contract or proposed contract or other matter; and
if the chairman or the person presiding at that meeting so directs, withdraw from the meeting during the consideration or discussion unless asked by the council to be present to provide information.
(2) The requirements of subsection (1) shall not apply in any case where the interest of the member of a council consists only of being a member or creditor of a company which is interested in a contract or proposed contract with the management corporation if the interest of the member may properly be regarded as not being a material interest.
(3) For the purposes of subsection (1), a general notice given to the members of a council by a member to the effect that he is an officer or a member of a specified company or a member of a specified firm and is to be regarded as interested in any contract which may, after the date of the notice, be made with that company or firm shall be deemed to be a sufficient declaration of interest in relation to any contract so made if it specifies the nature and extent of his interest in that company or firm and his interest is not different in nature or greater in extent than the nature and extent so specified in the general notice at the time any contract is so made.
(4) No such notice shall be of effect unless —
it is given at a meeting of the council; or
the member takes reasonable steps to ensure that it is brought up and read at the next meeting of the council after it is given.
(5) Every member of a council who holds any office or possesses any property whereby, directly or indirectly, duties or interests might be created in conflict with his duties or interests as a member of the council shall declare at a meeting of the council the fact and the nature, character and extent of the conflict.
(6) The declaration shall be made at the first meeting of the council held —
after he becomes a member of the council; or
if already a member of the council, after he commences to hold the office or to possess the property,
as the case requires.
(7) The secretary of the council shall record every declaration under this section in the minutes of the meeting at which it was made.
(8) For the purposes of this section, an interest of an immediate family member of a member of the council shall be treated as an interest of the member.
(9) Except as provided in subsection (3), this section shall be in addition to and not in derogation of the operation of any rule of law restricting a member of a council from having any interest in contracts with the management corporation or from holding offices or possessing properties involving duties or interests in conflict with his duties or interests as a member of a council.
(10) Any member of a council who fails to comply with any provision of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.
[LT(S)A, s. 66]