10. The president and general manager shall not, under pain of forfeiture of office, have any direct or indirect interest in any undertaking putting his personal interest in conflict with that of the corporation. However, that forfeiture is not incurred if such an interest devolves to him by succession or gift, provided he renounces or disposes of it with all possible dispatch.
Every other director having an interest in an undertaking must, under pain of forfeiture of office, disclose it in writing to the chairman and refrain from participating in any deliberation or decision in connection with the undertaking in which he has an interest.
1969, c. 17, s. 11; 1972, c. 58, s. 3; 1979, c. 11, s. 4.