(1) This section has effect where a member:

(a)

is to take part, or is taking part, in determining a matter before ASIC; and

(b)

has or acquires a direct or indirect pecuniary interest, or a direct or indirect interest of any other kind, that could conflict with the proper performance of the member's functions in relation to determining the matter.

(2) If the member is not the Chairperson, the member must disclose the interest to the Chairperson. (3) If the member is not the Chairperson and the Chairperson becomes aware that the member has the interest, the Chairperson must:

(a)

if the Chairperson considers that the member should not take part, or not continue to take part, as the case requires, in determining the matter—direct the member accordingly; or

(b)

in any other case—cause the member's interest to be disclosed to the persons concerned in the matter.

(4) The member must comply with a direction under paragraph (3)(a). (5) If the member is the Chairperson, he or she must cause his or her interest to be disclosed to the persons concerned in the matter. (6) Subject to subsection (4), the member must not take part, or continue to take part, as the case requires, in determining the matter unless everyone concerned in it consents to the member so taking part. (7) Sections 27F to 27L of the Commonwealth Authorities and Companies Act 1997 do not apply to members.