20. No member of the board of directors, under pain of forfeiture of his office, shall have any direct or indirect interest in an undertaking that puts his personal interest in conflict with that of the Board. Such forfeiture, however, shall not be incurred if such interest devolves to him by succession or gift and he renounces or disposes of it with all possible dispatch.
1965 (1st sess.), c. 24, s. 20; 1972, c. 53, s. 7.