Companies. [Ch. 31. No. 1.

income tax in respect of the remuneration or emoluments,
be increased by the amount of the sum so paid.

(3) If any director fails to comply with the require-
ments of this section, he shall be liable to a fine of two
hundred and fifty dollars.

(4) In this section the expression ‘‘ emoluments ”
includes fees, percentages and other payments made or
consideration given, directly or indirectly, to a director as
such, and the money value of any allowances or perquisites
belonging to his office.

147. (1) Subject to the provisions of this section, 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) 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) Any director who fails to comply with the
provisions of this section shall be liable to a fine of five
hundred dollars.

(5) 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.

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Disclosure
by directors
of interest in
contracts.