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(b) the nature and extent of the director’s interest in the contract or transaction are

declared and disclosed in reasonable detail in the notice calling the meeting. 1998,

c. 19, s. 40 (8).

Disclosure by officer of interest

41. (1)

An officer of a corporation who is not a director and who has, directly or

indirectly, an interest in a contract or transaction to which the corporation is a party or a proposed

contract or transaction to which the corporation will be a party, shall disclose in writing to the

corporation the nature and extent of the interest. 1998, c. 19, s. 41 (1).

Time of disclosure

(2)

An officer who is required to make a disclosure under subsection (1) shall make the

disclosure at the first meeting of the board held after the officer becomes aware of the contract or

transaction or the proposed contract or transaction. 1998, c. 19, s. 41 (2).

Application of s. 40

(3)

Subsections 40 (2), (3), (5), (7) and (8) apply to an officer of a corporation who is not a

director as if all references to a director in those subsections were references to an officer. 1998,

c. 19, s. 41 (3).

T

RANSFER

OF

C

ONTROL

BY

D

ECLARANT

First board of directors

42. (1)

Within 10 days after the registration of the declaration and description, the

declarant shall appoint the first board of a corporation. 1998, c. 19, s. 42 (1).

Replacements

(2)

The declarant may revoke the appointment of a director to the first board and appoint

another director to the first board who shall hold office until a new board is elected at a turn-over

meeting held under section 43. 1998, c. 19, s. 42 (2).

Term

(3)

The first board shall hold office until a new board is elected at a turn-over meeting held

under section 43. 1998, c. 19, s. 42 (3).

Number

(4)

The first board shall consist of three persons or such greater number as the declaration

provides. 1998, c. 19, s. 42 (4).

Conduct of business

(5)

A written resolution that is adopted by the first board before the owners elect a director

to the first board under subsection (8) and that is signed by all the directors entitled to vote on the

resolution at a meeting of the first board, is valid even though no meeting is held to vote on the

resolution. 1998, c. 19, s. 42 (5).

Owners’ meeting

(6)

Subject to subsection (7), the first board shall call and hold a meeting of owners by the

later of,

(a) the 30th day after the day by which the declarant has transferred 20 per cent of the

units in the corporation; and