(1) Every director or senior officer of the corporation who holds any office, or possesses any property, which, directly or indirectly, might create a duty or interest in conflict with his or her duty or interest as a director or senior officer of the corporation must disclose the fact and the nature and extent of the conflict at a meeting of the directors of the corporation.
(2) The disclosure must be made by a director or senior officer referred to in subsection (1) at the first meeting of the directors held
(a) after he or she becomes a director or a senior officer, or
(b) if he or she is already a director or a senior officer, after he or she takes office or acquires the property.