Section 195 - Disclosure of interest by directors

(1) A director of a company who has an interest that is likely to create a conflict of interest between that director and the company shall

(a) cause to be entered that interest in the Interests Register established under section 196; and

(b) disclose that interest to the Board of the company at a meeting or by written notice given to the directors immediately after becoming aware of the fact of that interest.

(2) The director shall disclose the nature and extent of the interest.

(3) A director who fails to comply with a provision of this section commits an offence and is liable on summary conviction to a fine of not less than two hundred and fifty penalty units and not more than five hundred penalty units.