Western Australian Current Acts Western Australian Current Acts (1) A member of the
management committee of an incorporated association who has a material
personal interest in a matter being considered at a management committee
meeting must, as soon as the member becomes aware of the interest, disclose
the nature and extent of the interest to the management committee.
Penalty: a fine of $10 000.
(2) A member of the
management committee of an incorporated association who has a material
personal interest in a matter being considered at a management committee
meeting must disclose the nature and extent of the interest at the next
general meeting of the association.
Penalty: a fine of $10 000.
(3) Subsections (1)
and (2) do not apply in respect of a material personal interest —
(a) that
exists only because the member —
(i)
is an employee of the incorporated association; or
(ii)
is a member of a class of persons for whose benefit the
association is established;
or
(b) that
the member has in common with all, or a substantial proportion of, the members
of the association.
(4) If a member of the
management committee of an incorporated association discloses a material
personal interest in a contract or proposed contract in accordance with this
section, and the member has complied with section 43(1) or the member’s
interest is not required to be disclosed because of subsection (3) —
(a) the
contract is not liable to be avoided by the association on any ground arising
from the fiduciary relationship between the member and the association; and
(b) the
member is not liable to account for profits derived from the contract.
(5) A disclosure of a
material personal interest required by subsection (1) or (2) must give details
of —
(a) the
nature and extent of the interest; and
(b) the
relation of the interest to the activities of the incorporated association.
(6) The details
referred to in subsection (5) must be recorded in the minutes of the meeting
of the management committee at which the disclosure is made.