Remuneration and expenses of members 8. Members of the Board shall be paid— (a) such remuneration, if any, as the Minister may, from time to time, fix for members generally; and (b) such allowances, if any, as the Minister may, from time to time, fix to meet any reasonable expenses incurred by members in connection with the business of the Board. Members to disclose certain connections and interests 9. (1) In this paragraph— “relative” , in relation to a member, means the member’s spouse, child, parent, brother or sister. (2) Subject to subparagraph (4)— (a) if a member of the Board— (i) knowingly acquires or holds a direct or indirect pecuniary interest in any matter that is under consideration by the Board; or (ii) owns any property or has a right in property or a direct or indirect pecuniary interest in a company or association of persons which results in the member’s private interests coming or appearing to come into conflict with his functions as a member; or (iii) knows or has reason to believe that a relative of his— A. has acquired or holds a direct or indirect pecuniary interest in any matter that is under consideration by the Board; or B. owns any property or has a right in property or a direct or indirect pecuniary interest in a company or association of persons which results in the member’s private interests coming or appearing to come into conflict with his functions as a member; or (b) if for any reason the private interests of a member come into conflict with his functions as a member; the member shall forthwith disclose the fact to the Board. (3) A member referred to in subparagraph (2) shall take no part in the consideration or discussion of, or vote on, any question before the Board which relates to any contract, right, immovable property or interest referred to in that subparagraph. (4) Any person who contravenes subparagraph (2) or (3) shall be guilty of an offence and liable to a fine not exceeding $10,000 or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment. Validity of decisions and acts of Board 10. No decision or act of the Board or act done under the authority of the Board shall be invalid on the ground that— (a) the Board consisted of fewer than the minimum number of persons prescribed in subsection (1) of section 40; or (b) a disqualified person acted as a member of the Board at the time the decision was taken or act was done or authorised: Provided that the Board shall ratify any such decision or action as soon as possible after it becomes aware that the decision or action was taken in the circumstances described in subparagraph (a) or (b). Minutes of proceedings of Board 11. (1) The Board shall cause minutes of all proceedings of and decisions taken at every meeting of the Board to be entered in books kept for the purpose. (2) Any minutes referred to in subparagraph (1) which purport to be signed by the chairman of the meeting to which the minutes relate or by the chairman of the next following meeting of the Board or the committee concerned, as the case may be, shall be accepted for all purposes as prima facie evidence of the proceedings of and decisions taken at the meeting concerned. (3) The Board shall cause copies of all minutes that have been signed as provided in subparagraph (2) to be sent without delay to the Minister for his information. FIFTH SCHEDULE (Section 41) FINANCIAL AND MISCELLANEOUS PROVISIONS RELATING TO COMMISSION PART I FINANCIAL PROVISIONS Funds of Commission 1. The funds of the Commission shall consist of— (a) fees, charges and other income accruing to the Commission from licences issued and other things done by it in terms of this Act; and (b) the proceeds of any monetary penalties imposed by the Commission; and (c) such moneys as may be payable to the Commission from moneys appropriated for the purpose by Act of Parliament; and (d) such other moneys as may vest in or accrue to the Commission, whether in the course of its operations or otherwise. Financial year of Commission 2. The financial year of the Commission shall be the period of 12 months ending on the 31st December in each year. - 25 -