Armaments Corporation of South Africa, Limited Act, 2003 (Act No. 51 of 2003)Chapter 2 : Board of Directors and Employees of Corporation14. Conflict of interest |
| (1) | A member of the Board must— |
| (a) | disclose to the Board any direct or indirect interest that such member, or his or her spouse, partner or family member, may have in any matter relating to the acquisition or procurement activities of the Corporation; and |
| (b) | withdraw from participation in the activity in question unless the Board decides that the interest is trivial or irrelevant. |
| (2) | An employee of the Corporation or a member of a committee contemplated in section 12 must— |
| (a) | disclose to the Chief Executive Officer any direct or indirect interest that such employee or member, or his or her spouse, partner or family member, may have in any matter relating to the acquisition or procurement activities of the Corporation; and |
| (b) | withdraw from participation in the activity in question unless the Chief Executive Officer decides that the interest is trivial or irrelevant. |
| (3) | Any member of the Board, employee of the Corporation or member of a committee contemplated in section 12 who fails to make disclosure in accordance with subsection (1)(a) or (2)(a), as the case may be, or fails to withdraw in terms of subsection (1)(b) or (2)(b), as the case may be, is guilty of an offence and liable on conviction to a fine or to imprisonment for a period not exceeding 15 years or to both a fine and such imprisonment. |