93. Avoidance of nullity
A material contract between a company and one or more of its directors or officers, or between a company and another body of which a director or officer of the company is a director or officer, or in which he or she has a material interest, is neither void nor voidable—
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(a) by reason only of that relationship; or
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(b) by reason only that a director with an interest in the contract is present at, or is counted to determine the presence of a quorum at, a meeting of directors or a committee of directors that authorised the contract,
if the director or officer disclosed his or her interest in accordance with section 91(2), 91(3) or 91(4) or section 92, as the case may be, and the contract was approved by the directors or the shareholders and was reasonable and fair to the company at the time it was approved.