Companies Act, 1973 (Act No. 61 of 1973)Chapter VIII: DirectorsInterests of Directors and Officers in Contracts235. Manner of and time for declaration of interest |
| 1) | No declaration of interest by a director under section 234 shall be of any effect unless it is made at or before the meeting of directors at which the question of confirming or entering into the contract is first taken into consideration and, if in writing, is read out to the meeting or each director present states in writing that he has read such declaration. |
| 2) | If for any reason it is not possible for a director to make any such declaration at or before a particular meeting of directors, he may make it at the first meeting of directors held thereafter at which it is possible for him to do so and shall in that event state the reason why it was not possible to make it at such particular meeting. |