S-17.2.2 - Act respecting Société Innovatech du sud du Québec

Section 14 Disposition versions

1998-06-30

14. No member of the board of directors holding a full-time office with the Société or one of its subsidiaries may, under pain of forfeiture of office, have any direct or indirect interest in an enterprise putting the member’s personal interest in conflict with that of the Société or one of its subsidiaries. However, such forfeiture is not incurred if the interest devolves to the member by succession or gift, provided it is renounced or disposed of with dispatch.

Every member of the board of directors other than a member holding a full-time office with the Société or one of its subsidiaries who has a direct or indirect interest in an enterprise putting the member’s personal interest in conflict with that of the Société or one of its subsidiaries must, on pain of forfeiture of office, disclose such interest and withdraw from the meeting for the duration of the debate and of the making of a decision bearing upon any question relating to the enterprise in which the member has such an interest.

Every personnel member of the Société or one of its subsidiaries who has a direct or indirect interest in an enterprise putting the member’s personal interest in conflict with that of the Société or one of its subsidiaries must, on pain of forfeiture of office, disclose such interest in writing to the chair of the board of directors of the Société or, as the case may be, its subsidiary.

1998, c. 22, s. 14.