That statute just says that a director of a company can also have a contract
with the company as long as certain conditions are met:
1) that any relationship or interest the director has is known to the other members of the board, or
2) that the relationship or interest is known to the shareholders
and the shareholders vote to approve the contract, or
3) The contract is fair to the corporation
at the time it is ratified by either the board or the shareholders.
If you have any additional questions put them in this thread but don't hit relist, that will slow everything down.
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