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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 73

Duty of officers of building society to account.

73.(1) Subject to subsections (2) to (5), it shall be the duty of a director
of a building society who is in any way, whether directly or indirectly,
interested in a contract or proposed contract with the society to declare the
nature of his interest to the board of directors of the society in accordance
with this section.

(2) In the case of a proposed contract, the declaration required by this
section to be made by a director shall be made at the meeting of the directors
at which the question of entering into the contract is first taken into
consideration, or, if the director was not at the date of that meeting
interested in the proposed contract, at the next meeting of the directors held
after he becomes interested in the proposed contract.

(3) Where the director becomes interested in a contract with the
building society after it is made, the declaration required by this section
shall be made at the first meeting of the directors held after he becomes
interested in the contract.

(4) For the purposes of this section, a general notice given at a meeting of
the directors of a building society by a director to the effect that he is a
member of a specified company or firm, and is to be regarded as interested in
any contract which may, after the date of the notice, be made with that
company or firm, is a sufficient declaration of interest in relation to any
contract made after that date with that company or firm.

(5) A director need not make a declaration or give a notice under this section
by attending in person at a meeting of the directors, if he takes reasonable
steps to secure that the declaration or notice is brought up and read at the
meeting.

(6) A director who fails to comply with the provisions of this section shall
be liable on summary conviction to a fine not exceeding two hundred pounds.

(7) Nothing in this section shall be taken to prejudice the operation of any
rule of law restricting directors of a building society from having any
interest in contracts with the society.

© 1967 Crown Copyright

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