(1) Every director shall, no later than seven days after assuming the office of director, disclose in writing to the bank or financial institution the following matters:
(a) If he or she or any of his or her family members has entered into or going to enter into any kind of contract with the concerned bank or financial institution, details thereof;
(b) If he or she has any kind of interest in the appointment of the chief executive, managing director, secretary, auditor and general manager, details thereof;
(c) Particulars of such shares or debentures in the concerned bank or financial institution or in its holding or subsidiary company as subscribed by him or her or by his or her family;
(d) If he or she is a director of any company, details thereof;
(e) If any member of his or her family is working as an officer of the bank or financial institution, details thereof;
(f) Such other details prescribed by the Rastra Bank as required to be disclosed by the director to the Board.
(2) In making disclosure pursuant to Sub-section (1), a copy of the written agreement, if any, concluded between the director or his or her family member shall be submitted, and failing such agreement, substantial and necessary matters concerning the transaction or financial interest or involvement shall be set out.
(3) The information provided by a director pursuant to Sub- section (1) shall be forwarded to the Rastra Bank within seven days; and upon receipt of such information, the Rastra Bank shall record the same in a separate register maintained for this purpose.