26.—(1) Where at a meeting of the Council or a committee any of the following matters arise, namely—

(a) an arrangement or proposed arrangement to which the Council or any committee is or is expected to be a party, or

(b) a contract or other agreement or proposed contract or other agreement with the Council or any committee,

then, any member of the Council or committee present at the meeting who has an interest in the matter otherwise than in his or her capacity as a member of the Council or committee shall—

(i) at the meeting disclose to the Council or committee the fact of the interest and the nature of it,

(ii) neither influence nor seek to influence a decision to be made in relation to the matter,

(iii) absent himself or herself from the meeting or that part of the meeting during which the matter is discussed,

(iv) take no part in any deliberation of the Council or committee relating to the matter, and

(v) not vote on a decision relating to the matter.

(2) Where an interest is disclosed under this section, the disclosure shall be recorded in the minutes of the meeting concerned and, for so long as the matter to which the disclosure related is being considered or discussed by the meeting, the member by whom the disclosure is made shall not be counted in the quorum for the meeting.

(3) Where at a meeting of the Council or a committee a question arises as to whether or not a course of conduct, if pursued by a member of the Council, would constitute a failure by him or her to comply with the requirements of subsection (1), the question may be determined by the Council or the committee as the case may be, whose decision shall be final, and where such a question is so determined, particulars of the determination shall be recorded in the minutes of the meeting.

(4) Where the Minister is satisfied that a member of the Council has contravened subsection (1), the Minister may, if he or she thinks fit, remove that member from office.

(5) Removal from office under subsection (4), disqualifies a person from membership of the Council.

(6) For the purposes of this section and section 27 a person shall not be regarded as having an interest in any matter by reason only of an interest of that person, or of any company in which he or she has an interest, which is so remote or insignificant that it cannot reasonably be regarded as likely to influence a person in considering, discussing or voting on any question relating to the matter, or in performing any function in relation to it.

(7) Where the Council is of opinion that a disclosure made under subsection (1), or paragraph (a) of section 27(1), is of sufficient importance to merit it, it shall consider furnishing details of the said disclosure in the next report prepared under section 30, following the disclosure.

(8) A member of the Council shall absent himself or herself from consideration, for the purposes of subsection (7), of a disclosure that was made by him or her.