Part 1: Constitution, proceedings etc Procedure
The IMA, as an independent authority, is permitted by paragraph 9 to determine its own procedures and decide how it will operate. This is subject to a number of conditions set out in this paragraph. These conditions are;
the establishment and maintenance of a register of members’ interests;
the publication of entries recorded in the register; and
the quorum for a meeting of the IMA being half the number of the members appointed for the time being, with the majority of those present being non-executive members.
	Sub-paragraph (5) provides that the IMA must establish procedures for dealing with conflicts of interests of its members.
	Sub-paragraph (6) states that the aforementioned arrangements must oblige each member to declare all financial interests and personal interests relevant to exercise of an IMA function and to withdraw from the exercise of an affected function unless the IMA is satisfied that the interest will not affect its exercise. Sub-paragraph (7) states that the validity of any proceedings of the IMA or of its committees or subcommittees is not affected by any vacancy or defective appointment.