Rhode Island General Laws 42-34-16. Interest of members of authority
No member of the authority shall participate in any decision on any contract of insurance in which he or she has any interests, direct or indirect, in any firm, partnership, corporation, or association which would be the mortgagee, whose loan to a local development corporation is insured by the authority, or if he or she has any interest, direct or indirect, in any firm, partnership, corporation, or association which would rent, lease, or otherwise occupy the premises constructed by the local development corporation where the corporation’s mortgage is insured by the authority, or if he or she is a director or officer or otherwise associated with the local development corporation whose mortgage is insured by the authority.
History of Section.
P.L. 1958, ch. 91, § 17.
Terms Used In Rhode Island General Laws 42-34-16
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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.