COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 190 Disclosure by directors of interests in contracts.

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> COMPANIES ACT (NORTHERN IRELAND) 1960

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 190

Disclosure by directors of interests in contracts.

190.(1) Subject to sub-sections (2) to (6), it shall be the duty of a director
of a company who is in any way, whether directly or indirectly, interested in
a contract or proposed contract with the company to declare the nature of his
interest at a meeting of the directors of the company.

(2) In the case of a proposed contract the declaration required by this
section to be made by a director shall be made at the meeting of the directors
at which the question of entering into the contract is first taken into
consideration, or if the director was not at the date of that meeting
interested in the proposed contract, at the next meeting of the directors held
after he became so interested, and in a case where the director becomes
interested in a contract after it is made, the said declaration shall be made
at the first meeting of the directors held after the director becomes so
interested.

(3) Subject to sub-section (4), for the purpose of this section, a general
notice given to the directors of a company by a director to the effect that he
is a member of a specified company or firm and is to be regarded as interested
in any contract which may, after the date of the notice, be made with that
company or firm, shall be deemed to be a sufficient declaration of interest in
relation to any contract so made.

(4) No such notice as aforesaid shall be of effect unless either it is given
at a meeting of the directors or the director takes reasonable steps to secure
that it is brought up and read at the next meeting of the directors after it
is given.

(5) Any director who fails to comply with this section shall be liable to a
fine not exceeding one hundred pounds.

(6) Nothing in this section shall be taken to prejudice the operation of any
rule of law restricting directors of a company from having any interest in
contracts with the company.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/cai1960267/s190.html

Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 190