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Code · New Jersey · Title 55 — Fiduciaries and Trusts · Chapter 19

55:19-11. Self-dealing prohibition

119 words·~1 min read·/nj/title-55/chapter-19/55-19-11

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

a. No director, officer, agent or employee of the corporation or of any of the corporation's subsidiaries shall take any official action on any matter in which he has a direct or indirect financial interest, except that the ownership of, or tenancy in, one's own private residence shall not be considered a financial interest for the purposes of this section.
b. Any action taken or approval granted by the corporation or any of its subsidiaries in violation of this subsection is voidable.
c. Any person who knowingly violates any provision of this section shall forfeit his office or employment and is guilty of a crime of the fourth degree.
L. 1985, c. 227, s. 10A, eff. July 8, 1985.
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