US Laws, Codes, Statutes & Cases

Notwithstanding any other provision of law to the contrary, it shall not be nor shall it constitute a conflict of interest for a director, officer or employee of any financial institution, investment banking firm, brokerage firm, commercial bank or trust company, architectural firm, insurance company or any other firm, person or corporation to serve as a member of the board. If any member of the board shall be interested either directly or indirectly or shall be a director, officer or employee of or have an ownership interest in any firm or corporation interested directly or indirectly in any contract with the authority, including any loan to any eligible mortgagor or loan to or purchase of any loan from any lending institution, such interest shall be disclosed to the board and shall be set forth in the minutes of the board and the member having such interest shall not participate on behalf of the authority in any proceedings relating to the authorization of any such contract.

Source. 1981, 466:2, eff. July 1, 1981.