https://www.taxtmi.com/acts?id=12640 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. en-us Fri, 13 May 2011 14:24:50 +0530 Fri, 13 May 2011 14:24:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12640 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. Act-Rules Companies Law Fri, 13 May 2011 14:24:50 +0530 https://www.taxtmi.com/acts?id=12640