171. Declaration Of Interest In Existing Transaction Or Arrangement
(1) Where a director of a company is in any way, directly or indirectly, interested in a transaction or arrangement that has been entered into by the company, he must declare the nature and extent of the interest to the other directors in accordance with this section.
This section does not apply if or to the extent that the interest has been declared under section 167 (duty to declare interest in proposed transaction or arrangement).
(2) The declaration must be made–
(a) at a meeting of the directors, or
(b) by notice in writing (see section 173 (declaration made by notice in writing)), or
(c) by general notice (see section 174 (general notice treated as sufficient declaration)).
(3) If a declaration of interest under this section proves to be, or becomes, inaccurate or incomplete, a further declaration must be made.
(4) Any declaration required by this section must be made as soon as is reasonably practicable.
Failure to comply with this requirement does not affect the underlying duty to make the declaration.
(5) This section does not require a declaration of an interest of which the director is not aware or where the director is not aware of the transaction or arrangement in question.
For this purpose a director is treated as being aware of matters of which he ought reasonably to be aware.
(6) A director need not declare an interest under this section–
(a) if it cannot reasonably be regarded as likely to give rise to a conflict of interest,
(b) if, or to the extent that, the other directors are already aware of it (and for this purpose the other directors are treated as aware of anything of which they ought reasonably to be aware), or
(c) if, or to the extent that, it concerns terms of his service contract that have been or are to be considered–
(i) by a meeting of the directors, or
(ii) by a committee of the directors appointed for the purpose under the company’s constitution.