175.26 - CONFLICTS OF INTEREST.
175.26 CONFLICTS OF INTEREST.
1. If a member or employee other than the executive director of
the authority has an interest, either direct or indirect, in a
contract to which the authority is or is to be a party or in a
mortgage lender requesting a loan from or offering to sell mortgage
or secured loans to the authority, the interest shall be disclosed to
the authority in writing and shall be set forth in the minutes of the
authority. The member or employee having the interest shall not
participate in action by the authority with respect to that contract
or mortgage lender.
2. This section does not limit the right of a member, officer or
employee of the authority to acquire an interest in bonds or notes or
to limit the right of a member or employee other than the executive
director to have an interest in a bank or other financial institution
in which the funds of the authority are deposited or which is acting
as trustee or paying agent under a trust indenture to which the
authority is a party.
3. The executive director shall not have an interest in a bank or
other financial institution in which the funds of the authority are
deposited or which is acting as trustee or paying agent under a trust
indenture to which the authority is a party. The executive director
shall not receive, in addition to fixed salary or compensation, any
money or valuable thing, either directly or indirectly, or through
any substantial interest in any other corporation or business unit,
for negotiating, procuring, recommending or aiding in any purchase or
sale of property or loan made by the authority, nor shall the
executive director be pecuniarily interested, either as principal,
co-principal, agent or beneficiary, either directly or indirectly or
through any substantial interest in any other corporation or business
unit, in any purchase, sale or loan. Section History: Early Form
[C81, § 175.26]