§ 159C-16. Conflict of interest. - North Carolina Statutes

§ 159C‑16. Conflict of interest.

If any officer, commissioner or employee of the authority, or anymember of the governing body of the county for which the authority is created,shall be interested either directly or indirectly in any contract with the authority,such interest shall be disclosed to the authority and the county board ofcommissioners and shall be set forth in the minutes of the authority and thecounty board of commissioners, and the officer, commissioner, employee ormember having such interest therein shall not participate on behalf of theauthority in the authorization of any such contract or on behalf of thegoverning body of the county in the approval of the bonds to be issued by theauthority to finance the project, respectively; provided, however, that thissection shall not apply to the ownership of less than one per centum (1%) ofthe stock of any operator or obligor. Failure to take any or all actionsnecessary to carry out the purposes of this section shall not affect thevalidity of bonds issued pursuant to the provisions of this Chapter. (1975, c. 800, s. 1; 1977, c. 719, s. 7.)