Section 40 in Orissa State Financial Corporation General Regulations, 1957
40. Disclosure of interest of Director in any Industry concern.
- Every Director who is directly or indirectly concerned or interested in any contract loan or arrangement entered or to be entered on to by or on behalf of the Corporation with any industrial concern shall at the earliest possible opportunity disclose the nature of his interest in the concern to the Board or Executive Committee as the case may be and shall not be present at any meeting of the Board or Executive Committee when any such contract, loan or arrangement is discussed unless his presence is required for the purpose of eliciting information. Where any Director is so required to be present, he shall not vote on any such contract, loan or arrangement and if he does so, his vote shall be invalid and shall not be counted.
