§ 1021-F — Conflicts of interest

New York § 1021-F

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1-B: North Country Power Authority
• Art. 5: Public Utility Authorities

Text

§ 1021-f. Conflicts of interest. Eligibility for appointment as a\ndirector, officer or employee of the authority shall be subject to the\nprovisions of section twenty-eight hundred twenty-five of this chapter.\nIn addition to the requirements of such section:\n 1. If any director, officer or employee of the authority shall have an\ninterest, either direct or indirect, in any contract to which the\nauthority is or is to be a party, such interest shall be disclosed to\nthe authority in writing and shall be set forth in the minutes of the\nauthority. The director, officer or employee having such interest shall\nnot participate in any action by the authority with respect to such\ncontract.\n 2. No director, officer or employee of the authority shall be deemed\nto have such an interest solely by reason of the ownership of two\npercent or less of the securities of a corporation which is or is to be\na party to a contract with the authority, including without limitation\nthe holding company of any banking institution in which the funds of the\nauthority are, or are to be deposited, or which is or is to be acting as\ntrustee or paying agent under any bond or note resolution, trust\nindenture or similar instrument to which the authority is a party.\n 3. Nothing in this section shall be deemed or construed to limit the\nright of any director, officer or employee of the authority to acquire\nan interest in the securities of the authority.\n