97. No full-time member of the board may, on pain of forfeiture of office, have any direct or indirect interest in an undertaking that puts his personal interest in conflict with that of the Board.
However, forfeiture is not incurred where the interest is acquired by succession or gift provided that the member renounces or disposes of it with all possible diligence.
Any other member of the board having a direct or indirect interest in an undertaking that puts his personal interest in conflict with that of the Board shall, on pain of forfeiture of office, disclose his interest in writing to the chairman and refrain from sitting on the board and taking part in any debate or decision when a matter related to the undertaking in which he has the interest is under discussion.
1985, c. 34, s. 97; 1991, c. 74, s. 47.