Wyoming Statutes
§ 17-30-506 — Conflict of interest transactions
Wyoming·Title 17 Corporations, Partnerships and Associations·Ch. 30 WYOMING STATUTORY FOUNDATION ACT·Art. 5 DIRECTORS AND PROTECTORS
(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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Nearby Sections
15
§ 17-30-1001
Role of court in administration§ 17-30-1002
Power of court to give directions§ 17-30-1003
Sealing and availability of documents§ 17-30-101
Short title§ 17-30-102
Definitions§ 17-30-103
Governing law§ 17-30-104
Supplemental principles of law§ 17-30-105
Electronic records and signatures§ 17-30-106
Powers of secretary of state§ 17-30-1101
Continuance§ 17-30-202
Enforcement of charitable purposes§ 17-30-203
Powers of a statutory foundation§ 17-30-204
Property contribution