Director disclosure obligations require board disclosure of interests; noncompliance attracts penalty and limited intercompany exemption. Directors must disclose any direct or indirect interest in company contracts at Board meetings; proposed-contract disclosures occur when the Board first considers the matter or at the first meeting after the interest arises, and other disclosures occur at the first meeting after the interest arises. A general notice naming a specified corporate or firm suffices for future contracts, expires at financial year-end but may be renewed annually, and is effective only if given at a Board meeting or brought to the first subsequent meeting. Failure to disclose attracts a fine, and the section preserves other legal restrictions while providing a limited intercompany exemption.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Director disclosure obligations require board disclosure of interests; noncompliance attracts penalty and limited intercompany exemption.
Directors must disclose any direct or indirect interest in company contracts at Board meetings; proposed-contract disclosures occur when the Board first considers the matter or at the first meeting after the interest arises, and other disclosures occur at the first meeting after the interest arises. A general notice naming a specified corporate or firm suffices for future contracts, expires at financial year-end but may be renewed annually, and is effective only if given at a Board meeting or brought to the first subsequent meeting. Failure to disclose attracts a fine, and the section preserves other legal restrictions while providing a limited intercompany exemption.
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