Kentucky Statutes 154.28-070 – Personal interest of director, officer, or employee in contract with authority
Current as of: 2024 | Check for updates
|
Other versions
(1) No director, officer, or employee of the authority shall be interested, directly or indirectly, or shall be an officer or employee of or have an ownership interest in any firm or corporation interested, directly or indirectly, in any contract with the authority.
(2) Should a director, officer, or employee of the authority have such an interest or be an officer or employee of or have an ownership interest in any such firm or corporation, then the director, officer, or employee of the authority shall:
(a) Disclose the interest and the office, employment, or ownership in such firm or corporation;
(b) Refrain from participating in discussions relating to any contract of the firm or corporation with the authority; and
(c) Refrain from voting or otherwise taking action on any contract or proposed contract of the authority with the firm or corporation.
(3) If any contract or agreements shall be made in violation of the provisions of this section, it shall be null and void and no action shall be maintained against the authority.
Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 450, sec. 30, effective July 15, 1994. – Created
1992 Ky. Acts ch. 363, sec. 8, effective July 14, 1992.
(2) Should a director, officer, or employee of the authority have such an interest or be an officer or employee of or have an ownership interest in any such firm or corporation, then the director, officer, or employee of the authority shall:
Terms Used In Kentucky Statutes 154.28-070
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
(a) Disclose the interest and the office, employment, or ownership in such firm or corporation;
(b) Refrain from participating in discussions relating to any contract of the firm or corporation with the authority; and
(c) Refrain from voting or otherwise taking action on any contract or proposed contract of the authority with the firm or corporation.
(3) If any contract or agreements shall be made in violation of the provisions of this section, it shall be null and void and no action shall be maintained against the authority.
Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 450, sec. 30, effective July 15, 1994. – Created
1992 Ky. Acts ch. 363, sec. 8, effective July 14, 1992.