93.— (1) A member of the board of a corporation who has—

(a) any interest in any body or concerns with which the corporation has made a contract or proposes to make a contract, or

(b) any interest in any contract which the corporation has made or proposes to make,

shall disclose to the board of the corporation the fact of such interest and the nature of it and shall not be present at any deliberation or decision of the board of the corporation relating to the contract.

(2) Where at a meeting of a board of a corporation any of the following matters arise, namely—

(a) an arrangement to which the corporation is a party or a proposed such arrangement, or

(b) a contract or other agreement with the corporation or a proposed such contract or other agreement,

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

(i) at the meeting disclose to the board of the corporation the fact of such 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 board of the corporation relating to the matter, and

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

(3) 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 relates is being considered or discussed by the meeting, the member of the board by whom the disclosure is made shall not be counted in the quorum for the meeting.

(4) Where at a meeting of a board of a corporation a question arises as to whether or not a course of conduct, if pursued by a member of the board of the corporation, would constitute a failure by him or her to comply with the requirements of subsection (2), the question may be determined by the board of the corporation, 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.

(5) For the purposes of this section and section 94 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 in voting on, any question relating to the matter, or in performing any function in relation to that matter.