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A.  Every member of the board and every employee of the board or the authority who knowingly has any interest direct or indirect in any contract to which the authority is or is about to become a party, or in any other business of the authority, or in any firm or corporation doing business with the authority, shall make full disclosure of such interest to the board and, if a board member, to his appointing authority.  Failure to disclose such an interest shall constitute cause for which a board member may be removed by the appointing power, or an employee discharged or otherwise disciplined at the discretion of the board.  

B.  Provisions of Parts I and II of Chapter 15 of Title 42 of the Louisiana Revised Statutes of 1950¹, regulating the conduct of public employees shall be applicable to the conduct of its board members, officers, employees and agents of the authority.  

C.  Any contract or transaction of the authority involving a conflict of interest not disclosed under Subsection A hereof, or a violation of any other provision of law applicable to the authority, its board members, officers, or employees regulating conflicts of interest, shall be voidable by the board provided such action does not adversely affect the interest of innocent third parties.  It is expressly provided, however, that this provision shall not apply to any indenture, agreement, contract or transaction which constitutes security, direct or indirect, for the payment of bonds or other obligations of the authority and the judgment and order confirming and validating any such bonds or other obligations as provided for in Section 1507² hereof, shall constitute a final and conclusive adjudication as to any such security.  

Added by Acts 1976, No. 638, §1.

¹Sections 1101 and 1111 et seq.

²Should probably be 1607.