Disclosure of director interest required for managerial appointment contracts, with abstracts and interest memoranda circulated to members promptly. Where a company enters into or varies a contract for the appointment of a manager or managing director in which a director is directly or indirectly concerned or interested, the company must send every member, within twenty-one days, an abstract of the contract terms and a memorandum clearly specifying the nature of the director's concern or interest; the same obligation applies if a director becomes interested after the contract is made. Contracts must be kept at the registered office and be open to member inspection, and Board resolutions effecting such appointments are subject to analogous disclosure requirements.