40-101. Interest of commissioner or employee prohibited in corporation subject to regulation
121 words·~1 min read·
/az/title-40/40-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other law, a person in the employ of, or holding an official relation to a corporation or person subject to regulation by the commission, or a person owning stocks or bonds of a corporation subject to regulation, or a person who is pecuniarily interested therein, shall not be elected, appointed to, or hold the office of commissioner or be appointed or employed by the commission. If a commissioner, or appointee or employee of the commission becomes the owner of such stocks or bonds, or becomes pecuniarily interested in such a corporation involuntarily, he shall within a reasonable time divest himself of such stocks, bonds or interest.
If he fails to do so, he thereby vacates his office or employment.