38.—(1) Where the Director General, other director, an employee of the Agency, a member of the Advisory Committee or of a committee or consultative group established by the Agency, a consultant, adviser or other person engaged by the Agency or a person whose services are availed of by, or supplied to, the Agency under section 44 or who exercises or performs any function on behalf of the Agency under an agreement under section 45, has a pecuniary or other beneficial interest in, or material to, any matter which falls to be considered by the Agency, committee or consultative group or the person concerned, he shall comply with the following requirements—

(a) he shall disclose to the Agency, committee or consultative group, as the case may be, the nature of his interest in advance of any consideration of the matter,

(b) he shall neither influence nor seek to influence a decision in relation to the matter,

(c) he shall take no part in any consideration of the matter,

(d) if he is a director of the Agency, or a member of a committee or consultative group he shall withdraw from the meeting for so long as the matter is being discussed or considered by the Agency, committee or consultative group and shall not vote or otherwise act as such director or member in relation to the matter.

(2) For the purposes of this section, but without prejudice to the generality of subsection (1), a person shall be regarded as having a beneficial interest if—

(a) he or any member of his household, or any nominee of his or of any member of his household, is a member of a company or any other body which has a beneficial interest in, or material to, a matter referred to in that subsection,

(b) he or any member of his household is in partnership with or is in the employment of a person who has a beneficial interest in, or material to, such a matter,

(c) he or any member of his household is a party to any arrangement or agreement (whether or not enforceable) concerning land to which such a matter relates,

(d) any member of his household has a beneficial interest in, or material to, such a matter.

(3) For the purposes of this section a person shall not be regarded as having a beneficial interest in, or material to, any matter by reason only of an interest of his or of any company or of any other body or person mentioned in subsection (2) which is so remote or insignificant that it cannot reasonably be regarded as likely to influence a person in considering, discussing or in voting on, any question with respect to the matter, or in performing any function in relation to that matter.

(4) Where a question arises as to whether or not a course of conduct, if pursued by a person, would be a failure by him to comply with the requirements of subsection (1), the question shall be determined by the Agency and particulars of the determination shall be recorded in the minutes of the meeting concerned.

(5) Where a disclosure is made to the Agency, a committee or consultative group pursuant to subsection (1), particulars of the disclosure shall be recorded in the minutes of the meeting concerned.