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2.Provincial
Legislation Requirements
•OCA
–Directors who
are directly or indirectly interested in a
proposed contract or a contract with the company
shall declare their interest at a meeting of the directors of the company
§Declaration
occurs at the meeting of directors at which the
question of entering into the contract is
first taken into consideration,
§If the
director is not at the date of that meeting interested in the proposed contract, at the next meeting of the directors held after he becomes so interested
§Where the
director becomes interested in a contract
after it is made, the declaration is to be made at the first meeting of directors held after the director becomes interested
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