Section 70 in Andhra Pradesh State Financial Corporation General Regulations, 2004
70. Disclosure of Interest of Director in any Industrial concern.
- (i) Every Director of the Board and every member of the Executive Committee who has any interest in or connection with an industrial concern in respect of contract or arrangement or proposed contract or arrangement entered into or to be entered into of the nature specified in sub-section (2) of section 28 of the Act shall disclose the nature of such interest or connection at a meeting of the Board or the Executive Committee, as the case may be.(ii)(a)In the case of proposed contract or arrangement , the disclosure required to be made by a Director of the Board or member of the Executive Committee under sub-clause (i) shall be made at the meeting of the Board or the Executive Committee, as the case may be, at which the question of entering into contract or arrangement is first taken into consideration, or if the Director or member was not, at the date of that meeting, concerned or interested in the proposed contract or arrangement, at the first meeting of the board or the Executive Committee, as the case may be, held after he becomes so concerned or interested.(b)In the case of any other contract or arrangement, the required disclosure shall be made at the first meeting of the Board or the Executive Committee, as the case may be, held after the Director or member becomes concerned or interested in the contract or arrangement.(iii)(a)For the purpose of clauses (i) and (ii), a general notice given by a Director or a member, to the Board or to the Executive Committee, as the case may be, to the effect that he is a Director or a member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may after the date of notice, be entered into with that body corporate or firm, shall be deemed to be a sufficient disclosure of his concern or interest in relation to any contract or arrangement so made.(b)A Director or a member giving a general notice to the Board or the Executive Committee under clause (iii)(a) shall, as soon as possible, give notice of any change in the particulars contained therein.(iv)No such general notice, or no notice of any change therein shall be of effect unless either it is given at a meeting of the Board or the Executive Committee, as the case may be or the Director or member concerned takes reasonable steps to secure that it is brought upon and read at the first meeting of the Board or the Executive Committee, as the case may be, after it is given.(v)No Director of the Board and no member of the Executive Committee shall, as a Director or member, as the case may be, take any part in the discussion of, or vote on, any contract or arrangement entered into or to be entered into by or on behalf of the Corporation, if he is in any way, whether directly or indirectly, concerned or interested in such contract or arrangement, nor shall his presence count for the purpose of forming a quorum at the time of such discussion or vote; and if he does vote, his vote shall be void;
