62 When officer has interest

1. An officer (A) is interested in a matter if A—
   1. may obtain a financial benefit from the matter; or
   2. is the spouse, civil union partner, de facto partner, child, parent, grandparent, grandchild, sibling, nephew, niece, uncle, aunt, or first cousin of a person who may obtain a financial benefit from the matter; or
   3. may have a financial interest in a person to whom the matter relates; or
   4. is a partner, director, officer, board member, or trustee of a person who may have a financial interest in a person to whom the matter relates; or
   5. is interested in the matter because the society’s constitution so provides.
2. However, A is not interested in a matter—
   1. merely because A receives an indemnity, insurance cover, remuneration, or other benefits authorised under this Act; or
   2. if A’s interest is the same or substantially the same as the benefit or interest of all or most other members of the society due to the membership of those members; or
   3. if A’s interest is so remote or insignificant that it cannot reasonably be regarded as likely to influence A in carrying out A’s responsibilities under this Act or the society’s constitution; or
   4. if A’s interest is of a kind that is specified in the society’s constitution for the purposes of this subsection.
   (3) Subsection (2)(d) applies only if the conditions prescribed by the regulations (if any) are satisfied.
3. In this section and sections 63 to 65, matter means—
   1. a society’s performance of its activities or exercise of its powers; or
   2. an arrangement, an agreement, or a contract (a transaction) made or entered into, or proposed to be entered into, by the society.

63 Duty to disclose interest

1. An officer who is interested in a matter relating to the society must disclose details of the nature and extent of the interest (including any monetary value of the interest if it can be quantified)—
   1. to the committee; and
   2. in an interests register kept by the committee.
2. Disclosure under subsection (1) must be made as soon as practicable after the officer becomes aware that they are interested in the matter.

64 Consequences of being interested in matter

1. A member of the committee who is interested in a matter relating to a society—
   1. must not vote or take part in a decision of the committee relating to the matter; and
   2. must not sign any document relating to the entry into a transaction or the initiation of the matter; but
   3. may take part in any discussion of the committee relating to the matter and be present at the time of the decision of the committee (unless the committee decides otherwise).
2. However, —
   1. a member of the committee who is prevented from voting on a matter under subsection (1) may still be counted for the purpose of determining whether there is a quorum at any meeting at which the matter is considered; and
   2. subsection (1)(a) or (b) does not apply to a member of the committee (A) in relation to a particular matter if all members of the committee who are not interested in the matter consent to A acting as referred to in that paragraph.
3. Despite subsection (2), if 50% or more of the members of the committee are prevented from voting on the matter under subsection (1), a special general meeting of the society must be called to consider and determine the matter.

65 Consequences of failing to disclose interest

1. The committee must, in the manner prescribed by the regulations (if any), notify the members of the society of a failure to comply with section 63 or 64, and of any transactions affected, as soon as practicable after becoming aware of the failure.
2. A failure to comply with section 63 or 64 does not affect the validity of an act or a matter.
3. However, subsection (2) does not limit the right of any person to apply for judicial review.