S.L. 234.42 Art. 59Duty of director to disclose interest in a contract with company.

(1) It shall be the duty of a director of a company who is in any way, whether directly or indirectly, interested in his personal capacity in a contract or proposed contract with the company to declare the nature of his interest to the other directors either at the meeting of the directors at which the question of entering into the contract is first taken into consideration, or, if the director was not at the date of that meeting interested in the contract or proposed contract, at the next meeting of the directors held after he became so interested.

(2) Any director who fails to comply with the provisions of this regulation shall be liable to a penalty.