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28 (1) Subject to subsection (2) and unless the court orders otherwise under section 29(2)(a), a director or senior officer of the Authority is liable to account to the Authority for any profit that accrues to the director or senior officer under or as a result of a contract or transaction in which the director or senior officer holds a disclosable interest.

  • (2) A director or senior officer of the Authority is not liable to account for and may retain the profit referred to in subsection (1) in any of the following circumstances:
  • (a) before the contract or transaction is entered into and after the nature and extent of the conflict of interest are disclosed to the board of directors, the contract or transaction is approved by the board of directors;
  • (b) the contract or transaction was reasonable and fair to the Authority at the time it was entered into and, after full disclosure of the nature and extent of the conflict of interest, the contract or transaction is approved by the board of directors.

2004-66-28, effective November 19, 2004 (B.C. Reg. 496/2004).