Legal Duties and Liabilities of Directors and Officers of Charities and Not-for-Profits and Risk Management

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•ONCA

–ONCA provides that directors must disclose their interest if they are a party to a material contract or transaction, a director or officer of a person who is a party to a contract, or if they have a material interest in any person who is a party to a contract

–Similar procedure as found in the CNCA

§Directors must disclose their interest at the meeting at which a proposed contract is first considered

§If the director becomes interested after the contract is made, disclosure must be at the first meeting after he or she becomes so interested

§Disclosure of the nature and extent of his or her interest should be to the corporation or entered in the minutes of meetings of the directors


	Chapter 8, p.14