There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 273 RELIGIOUS, CHARITABLE, AND EDUCATIONAL SOCIETIES -- NONSTOCK, NONPROFIT CORPORATIONS
273.219 Conflict of interest transaction.
Download pdfinterest transaction shall not be voidable by the corporation solely because of the
director's interest in the transaction if any one of the following is true:
(a) The material facts of the transaction and the director's interest were disclosed or known to the board of directors or a committee of the board of directors
and the board of directors or committee authorized, approved, or ratified the
transaction; or (b) The transaction was fair to the corporation. (2) For purposes of this section, a director of a nonprofit corporation shall be considered to have an indirect interest in a transaction if:
(a) Another entity in which he has a material financial interest or in which he is a general partner is a party to the transaction; or (b) Another entity of which he is a director, officer, or trustee is a party to the transaction and the transaction is or should be considered by the board of
directors of the corporation. Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 224, sec. 13, effective July 15, 1988.
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