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27 (1) For the purposes of this Part, a director or senior officer of the Authority holds a disclosable interest in a contract or transaction if

  • (a) the contract or transaction is material to the Authority,
  • (b) the Authority has entered, or proposes to enter, into the contract or transaction, and
  • (c) either of the following applies to the director or senior officer:
    • (i) the director or senior officer has a material interest in the contract or transaction;
    • (ii) the director or senior officer is a director or senior officer of, or has a material interest in, a person who has a material interest in the contract or transaction.
  • (2) For the purposes of subsection (1) and this Part, a director or senior officer of the Authority does not hold a disclosable interest in a contract or transaction merely because
  • (a) the contract or transaction is an arrangement by way of security granted by the Authority for money loaned to, or obligations undertaken by, the director or senior officer, or a person in whom the director or senior officer has a material interest, for the benefit of the Authority or an affiliate of the Authority,
  • (b) the contract or transaction relates to an indemnity or insurance under section 23,
  • (c) the contract or transaction relates to the remuneration of the director or senior officer in that person’s capacity as director, officer, employee or agent of the Authority or of an affiliate of the Authority,
  • (d) the contract or transaction relates to a loan to the Authority, and the director or senior officer, or a person in whom the director or senior officer has a material interest, is or is to be a guarantor of some or all of the loan, or
  • (e) the contract or transaction has been or will be made with or for the benefit of a corporation that is affiliated with the Authority, and the director or senior officer is also a director or senior officer of that corporation or an affiliate of that corporation.
  • (3) A director who has a disclosable interest in a contract or transaction is not entitled to participate in that part of a meeting of the directors during which the contract or transaction will be discussed, including any vote on any directors’ resolution to approve that contract or transaction.

2004-66-27, effective November 19, 2004 (B.C. Reg. 496/2004).