10. (1) Where at a meeting of the directors of the network company any of the following matters arises, namely—

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

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

then, any director of the company present at the meeting who otherwise than in his or her capacity as such director has a material interest in the matter shall—

(i) at the meeting disclose the fact of such interest and the nature thereof to the other directors of the network company present,

(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 being discussed,

(iv) take no part in any deliberation relating to the matter, and

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

(2) Where a material interest is disclosed pursuant to 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 dealt with by the meeting, the director by whom the disclosure is made shall not be counted in the quorum for the meeting.

(3) Where at a meeting of the directors of the network company a question arises as to whether or not a course of conduct, if pursued by a director of the company, would constitute a failure by him or her to comply with the requirements of subsection (1), the question may, subject to subsection (4), be determined by the chairperson of the meeting, 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, at a meeting of the directors of the network company, the chairperson of the meeting is the director in respect of whom a question to which subsection (3) applies falls to be determined, then the other directors of the company attending the meeting shall choose one of their number to be chairperson of the meeting for the purpose of determining the question concerned.

(5) F8[…]

(6) Section 194 (as amended by section 2 of the Companies (Amendment) Act 2009) of the Companies Act 1963 shall not apply to a director of the network company.