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