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Directors contracting with Company not disqualified if nature of interest disclosed.
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15.—Notwithstanding anything contained in sections 77 and 81 of the Act of 1834 no director shall be disqualified by his office from entering into any contract with the Company or from being concerned or interested in any contract under the Company nor shall any contract or arrangement entered into by or on behalf of the Company in which any director shall be in any way concerned or interested be avoided, nor shall any person so contracting or being so concerned or interested be disqualified from being chosen or continuing or acting as a director, or be liable to account to the Company for any profit realised by any such contract or arrangement by reason of holding that office or of the fiduciary relation thereby established, provided that the nature of his interest is disclosed at the meeting of the directors at which the contract or arrangement is determined on, if his interest then exists, or in any other case at the first meeting of the directors after the acquisition of his interest, but a director may not as a director vote in respect of any such contract or arrangement in which he is so concerned or interested as aforesaid. A general notice that a director is a member of a specified firm or company and is to be regarded as interested in any subsequent transaction with such firm or company shall, if recorded in the directors' minutes, be sufficient disclosure under this section, and after such general notice it shall not be necessary to give any special notice relating to any particular transaction with such firm or company.
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