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S-22 - Act respecting the Société québécoise d’initiatives pétrolières
Section 16.1
Disposition versions
16.1. Any member of the board of directors, other than the president of the Company, having a direct or indirect interest in an undertaking causing his personal interest to conflict with that of the Company must, under pain of forfeiture of office, disclose the interest in writing to the president of the Company and abstain from taking part in any decision relating to the undertaking in which he has the interest.
Neither the president of the Company nor any other officer or employee of the Company may, under pain of forfeiture of office, have any direct or indirect interest in an undertaking causing his personal interest to conflict with that of the Company. However, forfeiture is not incurred if such an interest devolves to him by succession or gift, provided that he renounces or disposes of it with dispatch.
An interest in a security listed on a recognized stock exchange does not give rise to the application of this section, if it is equal to less than one ten-thousandth of the total outstanding amount of the listed securities of the undertaking contemplated.
