Section 35: Shareholder action
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
35. Shareholder action
Where an officer of an insurer fails to disclose an interest in a major contract in accordance with section 32, the Court may, on the application of the
insurer, or shareholders of the insurer in accordance with section 146 (1) (a)
of the Companies Act, set aside the contract on such terms as the Court
thinks fit.
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Questions this section answers
- Can a shareholder ask a court to cancel a contract a director failed to disclose an interest in?