58-235. Authority; member or employee; conflict of interest; disclosure.

166 words·~1 min read·/ne/chapter-58/58-235

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any member or employee of the authority who has, will have, or later acquires any direct or indirect interest in any transaction with the authority shall immediately disclose the nature and extent of such interest in writing to the authority as soon as he or she has knowledge of such interest. Such disclosure shall be entered upon the minutes of the authority. Upon such disclosure such member or employee shall not participate in any action by the authority authorizing such transaction.

Actions taken when such member or employee reasonably believed that he or she had no conflict shall not be invalidated because of such conflict. The fact that a member is also an officer or owner of an organization shall not be deemed to be a direct or indirect interest unless

(1)such member has an ownership interest of greater than five percent in such organization or

(2)the transaction in question does not involve all similar organizations but involves only the authority and such organization.