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Clarification on aoa clause of my company


GAURAV SINGH (Managing Director)     22 December 2013

GAURAV SINGH
Managing Director 
 1 likes  99 points

| My Other Post

I want to know the elaboration in simple words mentioned in the AOA of my company:-

" NO DIRECTOR SHALL BE DISQUALIFIED BY HIS OFFICE FROM CONTRACTING WITH THE COMPANY, NOR SHALL ANY SUCH CONTRACT ENTERED INTO BY OR ON BEHALF OF THE COMPANY IN WHCIH AY DIRECDTOR SHALL BE IN ANY WAY INTERESTED BE AVOIDED, NOR SHALL ANY DIRECTOR CONTRACTING OR BEING SO INTERESTED BE LIABLE TO ACCOUNT TO THE COMPANY FOR ANY PROFIT REALISED BY ANY SUCH CONTRACT BY REASON ONLY OF SUCH DIRECTOR HOLDING THAT OFFICE, OR OF THE FIDUCIARY RELATION THEREBY ESTABLISHED BUT IT IS DECLARED THAT THE NATURE OF HIS INTEREST MUST BE DISCLOSED BY HIM/HER AT THE MEETING OF THE DIRECTOR AT WHICH THE CONTRACT IS DETERMINED IF HIS INTEREST THEN EXITS, OR IN ANY CASE, AT THE FIRST MEETING OF THE DIRECTOR AFTER HE/SHE ACQUIRES SUCH INTEREST "

Please elaborate it in simple words so that it become easy to understood.




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