Section 58-24-22 - Conflicts of interest.
58-24-22. Conflicts of interest.
A. If any member, officer or employee of the board shall have an interest, either direct or indirect, in any contract to which the authority is or is to be a party or in any lender requesting a loan from or offering to sell loans to the authority, such interest shall be disclosed to the board in writing and shall be set forth in the minutes of the board. The member, officer or employee having such interest shall not participate in any action by the board with respect to such contract or lender.
B. Nothing in this section shall be deemed or construed to limit the right of any member, officer or employee of the authority to:
(1) acquire an interest in bonds or notes of the authority; or
(2) have an interest in any banking institution in which the funds of the authority are or are to be deposited or which is or is to be acting as trustee or paying agent under any trust indenture to which the authority is a party.