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•CNCA
–Contains provisions requiring directors to disclose their interest if they are a party to a material contract or transaction, a director or officer of a party to a contract, or have a material interest in a party to a contract
–Directors must
disclose their interest during meetings of
directors or of committees of directors at
which a contract is first proposed
§Can also be disclosed at the first meeting after a director becomes so interested
§Important ongoing obligation, as a director may be required to account for any profit or gain realized on the contract or transaction
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