Postal and Telecommunications Services Act, 1983
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Disclosure by directors of certain interests. |
36.—(1) Where at a meeting of the directors of either company any of the following matters arises, namely— | |
(a) an arrangement to which the company is a party or a proposed such arrangement, or | ||
(b) a contract or other agreement with the company or a proposed such contract or other agreement, | ||
then any director of the company present at the meeting who otherwise than in his capacity as such a director is in any way, whether directly or indirectly, interested in the matter shall at the meeting disclose to the company the fact of such interest and the nature thereof and shall not vote on a decision relating to the matter and, where an interest is disclosed pursuant to this section, the disclosure shall be recorded in the minutes of the meeting concerned and, for so long as the matter to which the disclosure relates is being dealt with by the meeting, the director by whom the disclosure is made shall not be counted in the quorum for the meeting. | ||
(2) Where at a meeting of the directors of either company a question arises as to whether or not a course of conduct, if pursued by a director of the company, would be a failure by him to comply with the requirements of subsection (1), the question may be determined by the chairman of the meeting whose decision shall be final and where such a question is so determined particulars of the determination shall be recorded in the minutes of the meeting. | ||
(3) Section 194 of the Companies Act, 1963 , shall not apply to a director of either company. |