West Virginia Code 22C-1-24 – Financial interest in contracts prohibited; penalty
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No officer, member or employee of the authority shall be financially interested, directly or indirectly, in any contract of any person with the authority, or in the sale of any property, real or personal, to or from the authority. This section does not apply to contracts or purchases of property, real or personal, between the authority and any governmental agency. If any officer, member or employee of the authority has such financial interest in a contract or sale of property prohibited hereby, he or she is guilty of a misdemeanor, and, upon conviction thereof, shall be fined not more than $1,000, or imprisoned in the county jail not more than one year, or both fined and imprisoned.
Terms Used In West Virginia Code 22C-1-24
- Authority: means the Water Development Authority provided for in section four of this article, the duties, powers, responsibilities and functions of which are specified in this article. See West Virginia Code 22C-1-3
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.
- Governmental agency: means the state government or any agency, department, division or unit thereof. See West Virginia Code 22C-1-3
- Person: means any public or private corporation, institution, association, firm or company organized or existing under the laws of this or any other state or country. See West Virginia Code 22C-1-3