24.—(1) Where the Chief Executive, a member of the Board, an employee of the Board, a member of a committee or of a subcommittee established under section 9, a consultant, adviser or other person engaged by the Board, has a pecuniary or other beneficial interest in, or material to, any matter which falls to be considered by the Board, a committee or a subcommittee, he or she shall comply with the following requirements—

(a) he or she shall disclose to the Board, committee or subcommittee, as the case may be, the nature of his or her interest in advance of any consideration of the matter,

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

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

(d) if he or she is the Chief Executive of the Board, a member of the Board, an employee of the Board or a member of a committee or subcommittee established under section 9, he or she shall withdraw from the meeting for so long as the matter is being discussed or considered by the Board, committee or subcommittee and shall not vote or otherwise act as such Chief Executive 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 she or any member of his or her household, or any nominee of his or her or any member of his or her 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 she or any member of his or her 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 she or any member of his or her 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 or her 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 her 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 Board and particulars of the determination shall be recorded in the minutes of the meeting concerned.

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

(6) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £1,500 or to imprisonment for a term not exceeding one year or to both.