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Companies Act, 1973 (Act No. 61 of 1973)

Chapter VIII: Directors

Interests of Directors and Officers in Contracts

239. Minuting of declarations of interest

 

 

1) Every declaration of interest made under section 234, 235 or 237(1) shall be recorded in the minutes of the meeting of directors at which the declaration is made, and any declaration of interest by an officer under section 237(2) shall be recorded in the minutes of the first meeting of directors held after the date of that declaration.

 

2) Where any such declaration is made in writing, the company shall, unless copies of the minutes are circulated to the directors, cause the minute recording the declaration to be read out at the first meeting of directors held after the meeting in the minutes of which the declaration was recorded.

 

3) Any company which fails to comply with any provision of this section, shall be guilty of an offence.