Subject to the provisions of regulation 111, a director shall not be disqualified by his or her office from contracting with the Bank either as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the Bank with any company, partnership or other corporate body in which any director is a director or member, or any contract or arrangement in which he or she is in any way interested, be void.

A director so contracting or being so interested shall not be liable to account to the Bank for any profit realised by any such contract or arrangement by reason only of such director holding that office, or of the fiduciary relationship thereby established.

The nature of a director's interest, including the financial arrangements and the nature of the interest, shall be disclosed by him or her at the meeting of the directors at which the contract or arrangement is determined on if his or her interest then exists, or in any other case at the first meeting of the directors after the acquisition of his or her interest. In no case shall the director so interested vote as a director upon any question relating to such transaction, and if he or she does vote, his or her vote shall not be counted.

His or her prohibition as to voting shall not apply to any contract by or on behalf of the Bank to give the directors or any of them any security by way of indemnity or in respect of advances made by them or any of them to the Bank or to any contract or dealing with a company, partnership or corporate body in which the directors of the Bank have an interest.

Prohibition as to voting shall further not apply to any resolution to allot shares in the Bank to any director of the Bank or to any matter or thing in connection with or arising out of or consequent upon such resolution, or to any agreement for the payment of commission in respect of the subscription of such shares, and may at any time or times be suspended or relaxed to any extent by a general meeting.

A general notice that a director is a member of any firm or a director or member of any company, partnership or corporate body, and is to be regarded as interested in all transactions with such company, partnership or corporate body, shall be sufficient disclosure under this regulation. Such a general notice shall, however, not be effective, beyond the date of the next annual general meeting after it has been given.

Nothing herein contained shall be taken or construed as preventing or debarring any director as a member from taking part in the voting upon all questions submitted to a meeting of members, whether such director is personally interested or concerned in such question or not.

The directors shall cause a register of declarations of interests by directors to be kept.