Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
355 Voting
or vote on any resolution to approve the contract unless the contract
is
(a) an arrangement by way of security for money lent to or
obligations undertaken by the director for the benefit of the
provincial company or a subsidiary of the company,
(b) a contract relating primarily to the director's remuneration
as a director or an officer, employee or agent of the
provincial company, a subsidiary of the company, an entity
controlled by the company or an entity in which the
company has a substantial investment,
RSA 2000
(c) a contract for indemnity under section 365 or for insurance
under section 366, or
(d) a contract with an affiliate of the provincial company.
(2) Any director who knowingly contravenes subsection (1) ceases
to hold office as director and is not eligible, for a period of 5 years
after the date on which the contravention occurred, for election or
appointment as a director of any financial institution that is
incorporated by or under an Act of the Legislature.
1999 cI-5.1 s355