41.—(1) Where the chief executive officer, a member of the board of Forfás or IDA, a member of the staff of Forfás or IDA or of Forfás seconded to IDA, a member of a committee established under section 10(2) (inserted by section 46) of the Act of 1993, or a consultant, adviser or other person engaged by Forfás or IDA, or a member of the board or staff of a subsidiary, has a pecuniary interest or other beneficial interest in, or material to, any matter which falls to be considered by the board of Forfás or IDA, as the case may be, or a committee established under section 10(2) of the Act of 1993 or the board of a subsidiary, he or she shall—

(a) disclose to the board concerned or committee or the board of the subsidiary, as the case may be, the nature of his or her interest in advance of any consideration of the matter,

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

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

(d) if he or she is the chief executive officer, a member of the board or the staff of Forfás or IDA or of the staff of Forfás seconded to IDA or a member of a committee established under section 10(2) of the Act of 1993 or a member of the board or staff of the subsidiary, withdraw from the meeting for so long as the matter is being discussed or considered and shall not vote or otherwise act as such chief executive officer 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, or

(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 or her to comply with the requirements of subsection (1), the question shall be determined by the Board or the board of the subsidiary, as the case may be, and particulars of the determination shall be recorded in the minutes of the meeting concerned.

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

(6) Where a person referred to in this section fails to make a disclosure in accordance with this section, the Board or the board of the subsidiary, as the case may be, shall decide the appropriate action (including removal from office or termination of contract) to be taken.

(7) In this section “subsidiary” means a subsidiary acquired or formed and registered by either Forfás or IDA pursuant to section 5 of the Act of 1995.

(8) This section shall come into operation on the establishment day.