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Marginal note:Disclosure of director’s interest

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• (5) A director referred to in subsection (1) shall not vote on a resolution or participate in a discussion to approve the transaction mentioned in that subsection unless the transaction is

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  • (b) one for insurance or indemnity under section 18; or

• Marginal note:Continuing disclosure

  (6) For the purposes of this section, a general notice to the board of directors or to one of its committees by a director or officer, declaring that the director or officer is a director or officer of, or has a material interest in, an entity and is to be regarded as interested in any transaction made with that entity, is a sufficient declaration of interest in relation to any transaction so made.

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• Marginal note:Application to court

  (8) If a director or officer of the Board fails to disclose an interest in a transaction in accordance with this section, a court may, on the application of the Board, set aside the transaction on any terms that it thinks fit.

• Marginal note:Meaning of transaction

  (9) In this section, transaction includes a contract, a guarantee and an investment.

Marginal note:Promotion to rank of acting warrant officer

38 Notwithstanding anything in this Act, a man who subsequent to the 10th day of September 1939 but prior to the 1st day of January 1947 was promoted to the rank of acting warrant officer shall be treated as a man for the purposes of this Act during the period that he continued to be an acting warrant officer.

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Marginal note:Service in R.C.M.P.

• 6 (1) Time served in the Royal Canadian Mounted Police as a police officer or constable may also be included in the term of service of an officer for the purposes of this Act.

• Marginal note:Deduction reduced

  (2) In such case the yearly deduction of five per cent upon average pay under this Act from any pension shall be reduced by the average yearly deduction from the officer’s salary or pay as a police officer made under and for the purposes of Part II of the Royal Canadian Mounted Police Act, chapter 160 of the Revised Statutes of Canada, 1927, or made under and for the purposes of the Civil Service Superannuation Act, chapter 18 of the Revised Statutes of Canada, 1886, or under Part I of the Civil Service Superannuation and Retirement Act.

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Marginal note:Validity of acts

22 An act of the Chairperson or other director of the Board, or of the chief executive officer or other officer of the Board, is not invalid by reason only of an irregularity in that person’s appointment or a defect in that person’s qualifications.

Marginal note:Duty to comply

• 17 (1) Every director, officer and employee of the Board shall comply with this Act and the by-laws.

• Marginal note:No exculpation

  (2) No provision in any contract, in any resolution of the Board or in the by-laws relieves any director, officer or employee of the Board from the duty to act in accordance with this Act or relieves a director, officer or employee from liability for a breach of the Act.