The Richmond Adult and Community College (Government) Regulations 1996

Members not to be financially interested in the Institution

10.—(1) Except with the approval in writing of the Secretary of State no member shall take or hold any interest in any property held or used for the purpose of the institution.

(2) A member who has any financial interest in—

(a) the supply of work or goods tok or for the purposes of the institution;

(b) any contract or proposed contract concerning the institution; or

(c) any other matter relating to the institution,

and is present at a meeting of the Corporation at which the supply, contract or other matter is to be considered, shall at that meeting disclose the fact and shall not take part in the consideration or vote on any question with respect to it and shall not be counted in the quorum present at the meeting in relation to a resolution on which he is not entitled to vote.

(3) A member who is an initial member of the Corporation appointed by the Secretary of State under clause 3 and who, with the approval in writing of the Secretary of State, holds any interest in any property held or used for the purpose of the institution or receives any remuneration for his services as a member may continue to do so.

(4) This clause shall not prevent the members of the Corporation considering and voting upon proposals for the Corporation to insure the members of the Corporation against liabilities incurred by them arising out of their office or the Corporation obtaining such insurance and paying the premiums.