Marginal note:Outside interests of directors
38 (1) A person is not eligible to be appointed or to continue as a director if the person is not a Canadian citizen who is ordinarily resident in Canada or if, directly or indirectly, as owner, shareholder, director, officer, partner or otherwise, the person
(a) is engaged in the operation of a broadcasting undertaking;
(b) has any pecuniary or proprietary interest in a broadcasting undertaking; or
(c) is principally engaged in the production or distribution of program material that is primarily intended for use by a broadcasting undertaking.
Marginal note:Disposing of interest
(2) A director in whom any interest prohibited by subsection (1) vests by will or succession for the director’s own benefit shall, within three months thereafter, absolutely dispose of that interest.
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