No Pecuniary Benefit. a) No Director shall directly or indirectly receive any profit from his or her position; provided that, notwithstanding anything herein contained to the contrary, Directors may receive reasonable payment for their services and reimbursement for reasonable expenses incurred by them in the performance of their duties as permitted in the By-laws or any policy of the Corporation and approved by the Board in accordance with the obligations of the Corporation under any Administrative Agreement entered into by the Corporation with Her Majesty the Queen in right of the Province of Ontario. b) The pecuniary interests of immediate family members (including the immediate family members of a Director’s partner) or close personal or business associates of a Director are considered to also be the pecuniary interests of the Director.
Appears in 3 contracts
Sources: Administrative Agreement, Administrative Agreement, Administrative Agreement
No Pecuniary Benefit. a) No Director shall directly or indirectly receive any profit from his or her position; provided that, notwithstanding anything herein contained to the contrary, Directors may receive reasonable payment for their services and reimbursement for reasonable expenses incurred by them in the performance of their duties as permitted in the By-laws or any policy of the Corporation and approved by the Board in accordance with the obligations of the Corporation under any Administrative Agreement entered into by the Corporation with Her His Majesty the Queen King in right of the Province of Ontario.
b) The pecuniary interests of immediate family members (including the immediate family members of a Director’s partner) or close personal or business associates of a Director are considered to also be the pecuniary interests of the Director.
Appears in 1 contract
Sources: Administrative Agreement
No Pecuniary Benefit. a) No Director shall directly or indirectly receive any profit from his or her position; provided that, notwithstanding anything herein contained to the contrary, Directors may receive reasonable payment for their services and reimbursement for reasonable expenses incurred by them in the performance of their duties as permitted in the By-laws or any policy of the Corporation and approved by the Board in accordance with the obligations of the Corporation under any Administrative Agreement entered into by the Corporation with Her Majesty the Queen in right of the Province of Ontario.
b) . The pecuniary interests of immediate family members (including the immediate family members of a Director’s partner) or close personal or business associates of a Director are considered to also be the pecuniary interests of the Director.
Appears in 1 contract
Sources: Administrative Agreement