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Important Duties of a Director

6. Declare interests in proposed or existing transactions or arrangements with the company
 
A good director should declare interests in proposed or existing transactions or arrangements with the company. The declaration should be made at a meeting of directors or by a general written notice which should be given to Directors. In the case of proposed transaction one should declare before it is entered into and also in the case of an existing transaction one should also do this as soon as possible.
This duty is not infringed if:
* your interests in the transaction cannot reasonably be regarded as likely to give rise to a conflict of interests.
* an interest has not been declared because you are unaware that you gave the interest or the other directors are already aware of it.
 

Author

Fungayi Mukosera