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C-67.2 - Cooperatives Act

Section 106
Disposition versions

Full text
106. Any director having a direct or indirect interest in an enterprise, a contract or an economic activity placing his personal interest in conflict with the interest of the cooperative, other than an interest arising from his capacity as a member, must under pain of forfeiture of office disclose his interest, abstain from voting on any matter concerning the enterprise, contract or economic activity in which he has an interest and refrain from influencing the decision pertaining to that matter. The disclosure shall be made in writing and shall be entered in the minutes of the deliberations of the board of directors.
He must, in addition, leave the meeting for the duration of the deliberation and for the decision regarding the enterprise, contract or economic activity in which he has an interest.
1982, c. 26, s. 106; 1995, c. 67, s. 69; 2003, c. 18, s. 62.
106. Any director having a direct or indirect interest in an enterprise, a contract or an economic activity placing his personal interest in conflict with the interest of the cooperative, other than an interest arising from his capacity as a member, must under pain of forfeiture of office disclose his interest, abstain from voting on any matter concerning the enterprise, contract or economic activity in which he has an interest and refrain from influencing the decision pertaining to that matter. The disclosure shall be made in writing and shall be entered in the minutes of the deliberations of the board of directors.
He must, in addition, leave the meeting for the duration of the deliberation regarding the enterprise, contract or economic activity in which he has an interest.
1982, c. 26, s. 106; 1995, c. 67, s. 69.
106. Any director having an interest in an undertaking causing his personal interest to be in conflict with that of the cooperative must, under pain of forfeiture of office, disclose his interest and abstain from voting on any measure regarding the undertaking in which he has an interest.
1982, c. 26, s. 106.
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