(1)Where a company-(a)enters into a contract for the appointment of a manager of the company, in which contract any Director of the company is in any way, whether directly or indirectly, concerned or interested; or(b)varies any such contract already in existence and in which a Director is concerned or interested as aforesaid;the company shall, within twenty-one days from the date of entering into the contract or of the varying of the contract, as the case may be, send to every member of the company an abstract of the terms of the contract or variation, together with a memorandum clearly specifying the nature of the concern or interest of the Director in such contract or variation.
