(1) A person shall, before assuming office as a director or key management  personnel  of  a  bank,  specialised  deposit-taking  institution  or financial holding company, declare to the board of directors of that bank, specialised deposit-taking institution or financial holding company and the Bank of Ghana

(a) the professional interest of that person or office that person holds as manager, director, trustee or by any other designation; and

(b) the investment or business interest of that person in a firm, company or institution as a significant shareholder, director, partner, proprietor or guarantor with a view to prevent a conflict of interest with the duties or interests of that person as a director or key management personnel of the bank, specialised deposit-taking institution or financial holding company.

(2) A director or key management personnel of a bank, specialised deposit-taking institution or financial holding company shall

(a) provide an annual declaration of the interests and offices held under subsection (1);

(b) declare to the board of directors of that bank, specialised deposit-taking institution or financial holding company, any material change in business interest or holding of an office when that change occurs.

(3) A director of a bank, specialised deposit-taking institution or financial holding company who has an interest in

(a) a proposed credit facility to be given to a person by that bank or specialised deposit-taking institution, or

(b) a transaction that is proposed to be entered into with any other person shall declare the nature and the extent of that interest to the board of directors and shall not take part in the deliberations and the decision of the board of directors with respect to that request.

(4) A declaration under subsection (3) shall form part of the proceedings of the meeting of the board of directors.

(5) A proposal in which a director has an interest shall be considered and determined by the board of directors.

(6) A person who contravenes a provision of this section ceases to be a director of the bank, specialised deposit-taking institution or financial holding company and an approval granted to that person by the board of directors in respect of a matter in which that person is interested renders the approval unenforceable.