Section 147: Meaning of “interested”

147. Meaning of “interested” (1) Subject to subsection (2), a director of a company shall be interested in a transaction to which the company is a party where the director— (a) is a party to, or shall or may derive a material financial benefit from, the transaction; [Issue 1] C35 – 94 Revised Laws of Mauritius (b) has a material financial interest in or with another party to the transaction; (c) is a director, officer, or trustee of another party to, or person who shall or may derive a material financial benefit from, the transaction, not being a party or person that is— (i) the company’s holding company being a holding company of which the company is a wholly-owned subsidiary; (ii) a wholly-owned subsidiary of the company; or (iii) a wholly-owned subsidiary of a holding company of which the company is also a wholly-owned subsidiary; (d) is the parent, child or spouse of another party to, or person who shall or may derive a material financial benefit from, the transaction; or (e) is otherwise directly or indirectly materially interested in the transaction. (2) A director of a company shall not be deemed to be interested in a transaction to which the company is a party if the transaction comprises only the giving by the company of security to a third party and at the request of that third party which has no connection with the director and in respect of a debt or obligation of the company for which the director or another person has personally assumed responsibility in whole or in part under a guarantee, indemnity, or by the deposit of a security.