257C.12 - CONFLICTS OF INTEREST.
257C.12 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, the interest
shall be disclosed to the authority in writing and shall be set forth
in the minutes of a meeting of the authority. The member having the
interest shall not participate in action by the board with respect to
that contract.
2. This section does not limit the right of a member of the board
to acquire an interest in bonds, or limit the right of a member 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 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 loan. Section History: Recent Form
85 Acts, ch 34, §12
CS85, § 442A.12
C93, § 257C.12