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Special Economic Zones Act, 2014 (Act No. 16 of 2014)

Regulations

Special Economic Zones Governance and Management Regulations

10. Disclosure of interest by a Board member

 

(1) The licensee must approve a code of conduct for the members of the Board.

 

(2) A member of the Board—
(a) must make full disclosure to the Board of any conflict of interest including, any potential conflict of interest;
(b) may not vote, attend or participate in any proceedings of the Board in relation to any matter before the Board in respect of which they have a conflict or potential conflict of interest; and
(c) must comply with any decision of the Board as to whether or not they are entitled to participate in any particular proceedings of the Board.

 

(3) For purposes of this section, a member has a conflict of interest if the member, or a family member, partner or business associate of the member—
(a) applies for a license to develop, operate or manage the Special Economic Zone; a Special Economic Zone operator permit, the transfer of an operator permit or location of a new investment in the Special Economic Zone;
(b) has a financial or other interest in an entity relating to the Special Economic Zone; or
(c) has any other interest that may preclude, or may reasonably be perceived as precluding the member from performing the functions of a member of the Board in a fair, unbiased and proper manner.

 

(4) Any disclosure in terms of subregulation 9(3) and any decision of the Board in terms of that subregulation, must be recorded in the minutes of the Board.

 

(5) For purposes of this section, a "family member", in relation to a member of the Board, means the parent, sibling, child, including an adopted child, or spouse, and includes a person living with that member as if they were married to each other, and any person separated from the member by no more than two degrees of natural or adopted consanguinity or affinity.