12.1. No member of the Board of Governors other than a member contemplated by paragraph e or f of section 7 may, on pain of forfeiture of office, have any direct or indirect interest in an undertaking which places his personal interest in conflict with his duties of office. However, forfeiture shall not be incurred if such an interest devolves to him by succession or gift, provided he renounces or disposes of it with diligence.
Every member of the Board of Governors contemplated by paragraph e or f of section 7 who has a direct or indirect interest in an undertaking which places his personal interest in conflict with that of the Université du Québec shall, on pain of forfeiture of office, declare his interest in writing to the president and abstain from participating in any deliberation or decision relating to the undertaking in which he has such interest or in any sitting at which his interest is discussed.