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R-0.1 - Act respecting the Raffinerie de sucre du Québec

Section 12
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Full text
12. (Repealed).
1982, c. 28, s. 12; 1986, c. 60, s. 8.
12. Any member of the board of directors, other than the chairman, having a direct or indirect interest in an undertaking that causes such interest to conflict with that of the Company shall, under pain of forfeiture of office, disclose it in writing to the chairman and abstain from participating in any deliberation or decision involving the undertaking in which he has such interest.
Neither the president and managing director nor any other officer or employee of the Company may, under pain of forfeiture of office, have any direct or indirect interest in any undertaking causing such interest to conflict with that of the Company. However, such forfeiture is not incurred if such an interest devolves to him by succession or gift, provided he renounces or disposes of it with all possible dispatch.
An interest in any security listed on a recognized stock exchange does not give rise to the application of this section if it is equal to less than one ten-thousandth of the total outstanding amount of the listed securities of the undertaking contemplated.
1982, c. 28, s. 12.
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