123. A director or an officer must disclose any contract or transaction to which the corporation and any of the following are a party:
(1) an associate of the director or officer;
(2) a group of which the director or officer is a director or officer;
(3) a group in which the director or officer or an associate of the director or officer has an interest.
The director or officer satisfies the requirement if he or she discloses, in a case specified in subparagraph 2, the directorship or office held within the group or, in a case specified in subparagraph 3, the nature and value of the interest he or she or his or her associate has in the group.