176.—(1) In respect of a resolution, motion, question or other matter which is proposed, or otherwise arises from or as regards F253[the performance by the local authority concerned, or any municipal district members for that authority, of any functions] under this or any other enactment, “beneficial interest” for the purposes of this Part, in relation to a person, includes an interest in respect of which—

(a) he or she or a connected person, or any nominee of his or her or of a connected person, is a member of a company or any other body which has a beneficial interest in, or which is material to, any such matter,

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

(c) he or she or a connected person is a party to any arrangement or agreement (whether or not enforceable) concerning land which relates to any such matter,

(d) he or she or a connected person in the capacity as a trustee or as a beneficiary of a trust has a beneficial interest in, or which is material to, any such matter,

(e) he or she or a connected person is acting with another person to secure or exercise control of a company which has a beneficial interest in, or which is material to any such matter.

(2) A person shall also be deemed to have a beneficial interest which has to be disclosed under this Part if he or she has actual knowledge that he or she or a connected person has a declarable interest (within the meaning of section 175) in, or which is material to, a resolution, motion, question or other matter which is proposed, or otherwise arises from or as regards F253[the performance by the local authority, or by municipal district members, of any functions] under this or any other enactment.

(3) A person shall not be regarded as having a beneficial interest which has to be disclosed under this Part where section 167(3) is applicable or because of—

(a) an interest which is so remote or insignificant that it cannot be reasonably regarded as likely to influence a person in considering or discussing, or in voting on, any question with respect to the matter or in performing any function in relation to that matter,

(b) being a ratepayer or a local authority tenant and in common with other ratepayers or tenants, or

(c) any other circumstances which may be prescribed by regulations made by the Minister.