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

§ 159D‑16. Conflict of interest.

If any officer, commissioner or employee of the agency is interestedeither directly or indirectly in any contract with the agency, such interestshall be disclosed to the agency and shall be set forth in the minutes of theagency, and the officer, commissioner, employee or member having such interestshall not participate on behalf of the agency in the authorization of theproject. This section does not apply to the ownership of less than one percent(1%) of the stock of any operator or obligor. Failure to take any or allactions necessary to carry out the purposes of this section does not affect thevalidity of bonds issued pursuant to the provisions of this Article. (1977, 2nd Sess., c. 1198, s. 1; 2000‑179, s.2.)