1-16B-67 . Conflict of interest --Disclosure--Participation in transaction.
Any member or employee of the authority who has, will have, or later acquires a personal interest, direct or indirect, in any transaction with the authority shall immediately disclose the nature and extent of the interest in writing to the authority as soon as the member or employee has knowledge of the actual or prospective interest. The disclosure shall be entered upon the minutes of the authority. Upon any disclosure, the member or employee may not participate in any action by the authority authorizing the transaction. Actions taken when the member or employee reasonably believed that the member or employee had and would not have any conflict are not invalidated because of the conflict. The fact that a member is also an officer or owner of an organization is not considered to be a direct or indirect interest unless:
(1) The member has an ownership interest of greater than five percent in the organization; or
(2) The transaction in question does not involve all similar organizations, but rather involves only the authority and the organization.
Source: SL 2020, ch 4, § 15.