§ 10-33-85 — Merger, consolidation, or transfer

3. For purposes of this section:
a. A director does not have a material financial interest in a resolution fixing the
compensation of the director or fixing the compensation of another director as a
director, officer, employee, or agent of the corporation, even though the first
director is also receiving compensation from the corporation;
b. A director has a material financial interest in an organization in which the director,
or a member of the family of the director, has a material financial interest; and
c. A "member of the family" of a director is a spouse, parent, child, child of a
spouse, brother, sister, or the spouse of any of them.
4. The procedures described under subdivisions a, b, and c of subsection 2 are not
required if the contract or other transaction is between related organizations.