Section 19: Disclosure of interests by directors.

(1) Every director of a mortgage institution who is in any manner whatsoever, whether directly or indirectly, interested in any advance, loan or credit facility from that mortgage institution shall, as soon as practicable, declare the nature of his interest to the board of directors of that mortgage institution and the secretary of the mortgage institution shall cause the declaration to be circulated forthwith to all the other directors.
(2) Every director of a mortgage institution who holds any office or possesses any property which creates duties or interests that conflict with his duties or interests as director shall declare at a meeting of the directors of that mortgage institution the fact and the nature, character and the extent of the conflict.
(3) The declaration referred to in subsection (2) of this section shall be made at the first meeting of directors held-
(a) after he became a director of the mortgage institution; or
(b) if already a director, after he commenced to hold office or to possess the property.