Section 21, The Banking Act, 2019

(1) A person shall on appointment as chief executive,deputy chief executive, executive director, Board member or key management personnel, agent or other officer declare to the Board of Directors- (a) any professional interests or the offices he holds as manager, director, trustee or by any other designation; and (b) his investment or business interests or that of his spouse or any close relative, in firms, companies and institutions as a significant shareholder, director, partner, proprietor or guarantor. (2) A chief executive, deputy chief executive, executive director, Board member, agent or officer shall declare to the bank or financial holding company any changes in his business interests or holding of offices as and when they occur. (3) The bank or financial holding company shall immediately place before its Board of directors all declarations made pursuant to subsection (2). (4) A chief executive, deputy chief executive, executive director, Board member, agent or key management personnel who has any direct or indirect interest in a proposed credit or other facility to be given to any person by that bank or financial holding company or in a transaction that is proposed to be entered into with any other person, shall as soon as practicable declare the nature and extent of his interest in the proposal to the bank's or financial holding company's Board of directors. (5) In deciding whether to grant a proposed credit facility referred to in subsection (4) the bank or financial holding company shall take into consideration a declaration made under subsection (4). 34 35 Disclosure of interest. (6) A chief executive, deputy chief executive, executive director, Board member, agent or key management personnel shall not attend or participate in a board meeting where a proposal for a credit or other facility in which he has direct or indirect interests is being determined. (7) A proposal in which a chief executive, deputy chief executive, executive director, Board member, agent or key management personnel has interests, directly or indirectly, shall be considered and decided upon by the bank's or financial holding company's Board of directors and not by any delegated authority. (8) A chief executive, deputy chief executive, executive director, Board member or key management personnel who contravenes this section shall be declared by the Central Bank not to be a fit and proper person as defined by this Act. PART III - CORPORATE GOVERNANCE