declared profit
1."no director shall be disqualified from his office by contracting with the company, nor shall any such contract or any contract entered into by or on behalf of the company in which any director shall be in any way interested be avoided, nor shall any director so contracting or being so interested be liable to account to the company for any profit realised by any such contract by reason only of such director holding that office, or of the fiduciary relations thereby established but it is declared that the nature of his interest must be disclosed by him at the meeting of the directors at-which the contract is determined on if his interest then exists, or, in any other case, at the first meeting of the directors after the acquisition of his interest.
