Interested directors

(1) A member of the Board whose interest is likely to be affected or has been affected by a decision of the Board or a transaction to which the Corporation is a party shall make a written disclosure to the Board of the nature of his interest to be affected or affected soon after the relevant facts have come to his knowledge. (2) The Board shall forthwith transmit a copy of the disclosure to the Minister. (3) Such member shall not attend the meetings of the Board while the matter affecting his interest is being dealt with. (4) A Director is not permitted to borrow from the Corporation or to supply it with goods or services either personally or through related persons or companies or business entities without the prior written resolution of the Board. (5) The annual aggregate value of transactions under this section, which transactions are in excess of fifty thousand Belize dollars (BZ$50,000) shall be published in the Annual Report of the Corporation.