Iowa Code 358.15 – Personal interest in contracts
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Terms Used In Iowa Code 358.15
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual, firm, partnership, domestic or foreign corporation, company, association or joint stock association, trust, or other legal entity, and includes a trustee, receiver, assignee, or similar representative thereof, but does not include a governmental body. See Iowa Code 362.2
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
A trustee of such district shall not be directly or indirectly interested in any contract, work, or business of the district, or in the sale of any article the expense, price, or consideration of which is paid by such district; nor in the purchase of any real estate or other property belonging to the district, or which is to be sold for taxes or assessments or by virtue of legal process at the suit of the district. However, this section shall not be construed as prohibiting the selection of any person as trustee because of the person’s ownership of real estate in the district or because the person is a taxpayer in the district.