94.— (1) Where a member of the staff of a corporation or a member of the staff or a director of a subsidiary or a contractor for services, in a category specified before engagement by the corporation, has an interest, otherwise than in his or her capacity as such, in any contract, agreement or arrangement, or any proposed contract, agreement or arrangement, to which the corporation is or is proposed to be a party, that person—

(a) shall disclose to the board of the corporation his or her interest and the nature of it,

(b) shall take no part in the negotiation of the contract, agreement or arrangement or in any deliberation by members of the board of the corporation or members of the staff of the corporation or contractors for services in a category specified before engagement by the corporation in relation to it,

(c) shall not influence or seek to influence a decision to be made in the matter, and

(d) shall not make any recommendation in relation to the contract, agreement or arrangement.

(2) Subsection (1) does not apply to a person as regards a contract or proposed contract of employment of that person as a member of the staff of the corporation or as regards a contract or proposed contract for services of that person as a contractor for services to the corporation.

(3) Where a person to whom subsection (1) applies fails to comply with a requirement of this section, the corporation concerned shall decide the appropriate action (including removal from office or termination of contract) to be taken.

(4) In this section ‘‘member of staff’’ includes the director general.

(5) In this section and sections 95, 104 and 116 , “subsidiary” means a subsidiary of a corporation.