N.Y. Public Authorities Law 2429-F – Special provisions relating to directors of the agency
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§ 2429-f. Special provisions relating to directors of the agency. The agency may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any corporation, trust, association, partnership or other entity in which any director of the agency has a financial interest, direct or indirect, provided that (1) such interest is disclosed to the board prior to the consummation of such transaction, (2) such disclosure is recorded in the minutes of the agency and (3) no director having such a financial interest may participate in any decision affecting such transaction.
Terms Used In N.Y. Public Authorities Law 2429-F
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.