Wyoming § 17-30-506 Conflict of interest transactions

Wyoming Statutes

§ 17-30-506 — Conflict of interest transactions

Wyoming § 17-30-506

Title 17Corporations, Partnerships and Associations

Ch. 30WYOMING STATUTORY FOUNDATION ACT

Art. 5DIRECTORS AND PROTECTORS

This text of Wyoming § 17-30-506 (Conflict of interest transactions) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 17-30-506 (2026).

Text

(a)A sale, encumbrance or other transaction involving the investment or management of the property of the statutory foundation which is entered into by a director or protector for the personal account of the director or protector or which is otherwise affected by a conflict between the fiduciary or personal interests of the director or protector is voidable by a beneficiary affected by the transaction unless:

(i)The transaction was authorized by the terms of the operating agreement;

(ii)The transaction was approved by a court;

(iii)The beneficiary did not commence a judicial proceeding within the time specified by W.S. 4-10-1005;

(iv)The beneficiary consented to the transaction, ratified the transaction or released the director or protector pursuant to W.S. 4-10-1009; or

(v)The trans

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(a) A sale, encumbrance or other transaction involving the
investment or management of the property of the statutory
foundation which is entered into by a director or protector for
the personal account of the director or protector or which is
otherwise affected by a conflict between the fiduciary or
personal interests of the director or protector is voidable by a
beneficiary affected by the transaction unless:
(i) The transaction was authorized by the terms of
the operating agreement;
(ii) The transaction was approved by a court;
(iii) The beneficiary did not commence a judicial
proceeding within the time specified by W.S. 4-10-1005;
(iv) The beneficiary consented to the transaction,
ratified the transaction or released the director or protector
pursuant to W.S. 4-10-1009; or
(v) The transaction involves a contract entered into,
or claim acquired by the director or protector, before the
person became or contemplated becoming a director or protector.