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Prohibition of interests in electrical undertakings.
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11.—(1) Every person appointed to be a member of the Board shall within three months after his appointment absolutely sell and dispose of all shares in any electrical undertaking which he shall at the time of his appointment own or be interested in for his own benefit, and if any shares in any electrical undertaking shall come to or vest in a member of the Board by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein.
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(2) A member of the Board shall not, while he holds that office, purchase, take, or become interested in for his own benefit any shares in any electrical undertaking.
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(3) Any member of the Board who shall retain, purchase, take, or become or remain interested in any shares in any electrical undertaking in contravention of this section shall be disqualified for and be deemed to have vacated his office as such member.
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(4) In this section the expression “shares in any electrical undertaking” means and includes any stock, shares, debentures, debenture stock, bonds, or other securities of any company engaged in the generation, distribution, or supply of electricity or the manufacture of or wholesale or retail dealing in electrical apparatus and includes any share or interest in any unincorporated undertaking similarly engaged.
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