52 Relationship between the duties and the rules requiring member approval of conflicts of interest

52 Relationship between the duties and the rules requiring member approval of conflicts of interest

Directors may require prior shareholder approval for various types of transaction involving a director, or person connected to a director, namely certain long-term service contracts, substantial property transactions, loans, quasi-loans and credit transactions, and payments for loss of office1. In these circumstances compliance with the general duties does not remove the need for the shareholders to give their approval and the requirement for shareholder approval will generally not relieve the directors from complying with the general duties2. For example, the directors