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This entry was published on 2014-09-22
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SECTION 32
Special provisions relating to directors of the corporation and members of the business advisory council for urban development
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 32. Special provisions relating to directors of the corporation and
members of the business advisory council for urban development.
Notwithstanding the provisions of any other law, any state
instrumentality, including any state agency, trust fund or public
benefit corporation other than the corporation, 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 corporation or any member of the business advisory
council for urban development, created by section four of this act, has
a financial interest, direct or indirect, and the corporation may engage
in any such transaction with any other state instrumentality with which
any director of the corporation is affiliated as a state officer or
employee, provided that prior to such transaction such interest or
affiliation is disclosed to such other state instrumentality and is
disclosed in the minutes of the corporation, and provided further that
no director having such an affiliation (except such an affiliation with
a subsidiary corporation of the corporation organized in accordance with
section twelve of this act or with any authority or commission
heretofore or hereafter continued or created under the public
authorities law) may participate in any decision of the corporation
affecting such transaction.