N.Y. Public Authorities Law § 1020-aa: Conflicts of interest

§ 1020-aa. Conflicts of interest. 1. If any member, officer or

employee of the authority shall have an interest, either direct or

indirect, in any contract to which the authority is, or is to be, a

party, such interest shall be disclosed to the authority in writing and

shall be set forth in the minutes of the authority. The member, officer

or employee having such interest shall not participate in any action by

the authority with respect to such contract.

2. No member, officer or employee shall be deemed to have such an

interest solely by reason of the ownership of two percent or less of the

securities of a corporation which is, or is to be, a party to a contract

with the authority, including without limitation the holding company of

any banking institution in which the funds of the authority are, or are

to be, deposited or which is, or is to be, acting as trustee or paying

agent under any bond or note resolution, trust indenture or similar

instrument to which the authority is a party.

3. Nothing in this section shall be deemed or construed to limit the

right of any member, officer or employee of the authority to acquire an

interest in bonds or notes of the authority.