Document ID: chunk:federal_register_of_legislation:C2024C00345:section:293c:p1
Version: federal_register_of_legislation:C2024C00345
Segment Type: section
Provision Reference: s 293C (pt 1/2)
Character Range: 448817–451456

293C  Disclosure of material personal interests of officers

Disclosure by officers
 (1) This section applies to each officer (a disclosing officer) of an organisation or a branch of an organisation whose duties include duties that relate to the financial management of the organisation or branch.
 (2) A disclosing officer of an organisation must, in accordance with subsection (5), disclose to the committee of management of the organisation details of any material personal interest that the officer has or acquires in a matter that relates to the affairs of the organisation.
Civil penalty: 100 penalty units, or 1,200 penalty units for a serious contravention.
 (3) A disclosing officer of a branch must, in accordance with subsection (5), disclose to the committee of management of the branch details of any material personal interest that the officer has or acquires in a matter that relates to the affairs of the branch.
Civil penalty: 100 penalty units, or 1,200 penalty units for a serious contravention.
 (4) A disclosing officer does not need to disclose an interest under subsection (2) or (3) if:
 (a) the interest:
 (i) arises because the disclosing officer is a member, or a representative of a member, of an organisation or a branch and the interest is held in common with the other members of the organisation or branch; or
 (ii) arises in relation to the officer's remuneration as an officer of the organisation or branch; or
 (iii) relates to a contract the organisation or branch is proposing to enter into that is subject to approval by the members of the organisation or branch and will not impose any obligation on the organisation or branch if it is not approved by the members; or
 (iv) is in a contract, or proposed contract, with, or for the benefit of, or on behalf of, a related party of the organisation or branch that is a body corporate and arises merely because the officer is on the Board of the related party; or
 (b) the officer has given a standing notice of the nature and extent of the interest under section 293D and the notice is still effective in relation to the interest.
 (5) A disclosure made under subsection (2) or (3) must:
 (a) be made as soon as practicable after the interest is acquired; and
 (b) provide details of:
 (i) the nature and extent of the interest; and
 (ii) the relation of the interest to the affairs of the organisation or branch; and
 (c) be made:
 (i) at a meeting of the committee of management (either orally or in writing); or
 (ii) to the members of the committee of management individually in writing.
The disclosure is made under subparagraph (c)(ii) when it has