§ 15-3-112 - Prohibition on personal interest in contracts. - Arkansas Statutes

15-3-112. Prohibition on personal interest in contracts.

(a) No director, officer, or employee of the Arkansas Science and Technology Authority, for purpose of personal gain, shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the qualified investments or other programs of the authority.

(b) The authority shall not invest, pursuant to 15-3-122, in any qualified security of:

(1) Any enterprise that is owned, wholly or partially, directly or indirectly, by any director or officer; or

(2) Any enterprise that employs a director.

(c) It shall not be a violation of this section for the authority to permit any college, university, or other nonprofit institution with which a director is affiliated to participate in any program of the authority, provided that the director shall promptly disclose the nature of the affiliation to the Board of Directors of the Arkansas Science and Technology Authority.

(d) (1) It shall not be a violation of this section for the authority to permit a manufacturer or other for-profit entity with which a director is affiliated to pay to the authority fees for services and receive, in return for those fees, services:

(A) That are generally available to all manufacturers or other for-profit entities; and

(B) That are not available to the manufacturer or other for-profit entity solely due to its affiliation with a director.

(2) (A) A director affiliated with a manufacturer or other for-profit entity that enters into a contract or an agreement pursuant to subdivision (d)(1) of this section shall disclose the contract or agreement in writing to the president of the authority.

(B) The president of the authority shall inform the board of the contract or agreement at its next regularly scheduled meeting and attach a copy of the written disclosure to the minutes of that meeting.