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Iron and Steel Act 1982

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This is the original version (as it was originally enacted).

4(1)a member of the Corporation who is in any way directly or indirectly interested in a contract made or proposed to be made by the Corporation, or in any contract made or proposed to be made by a subsidiary of the Corporation, which is brought up for consideration by the Corporation, shall, as soon as possible after the relevant circumstances have come to his knowledge, declare the nature of his interest—

(a)if he is the chairman, to the Secretary of State;

(b)if he is not the chairman, to the chairman ;

(c)in any case, at a meeting of the Corporation.

(2)After a member has made a declaration under sub-paragraph (1) above in respect of any contract he shall not take part in any deliberation or decision of the Corporation with respect to the contract.

(3)A declaration made in pursuance of sub-paragraph (1)(c) above shall be recorded in the minutes of the Corporation.

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