(1)

(a) Paragraph (b) applies where, at a meeting of the directors of the IANS or any subsidiary, any of the following matters arise:

(i) an arrangement to which the IANS or a subsidiary is a party or a proposed such arrangement;

(ii) a contract or other agreement with the IANS or a subsidiary or a proposed such contract or other agreement.

(b) Any director of the IANS or the subsidiary concerned present at the meeting who otherwise than in his or her capacity as such a director is in any way, whether directly or indirectly, interested in the matter -

(i) shall at the meeting disclose to the IANS or the subsidiary, as the case may be, the fact of such interest and the nature thereof,

(ii) shall absent himself or herself from the meeting or that part of the meeting during which the matter is discussed,

(iii) shall take no part in any deliberations of the directors relating to the matter, and

(iv) shall not vote on a decision relating to the matter.