N.Y. Public Authorities Law § 1021-f: Conflicts of interest

§ 1021-f. Conflicts of interest. Eligibility for appointment as a

director, officer or employee of the authority shall be subject to the

provisions of section twenty-eight hundred twenty-five of this chapter.

In addition to the requirements of such section:

1. If any director, 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 director, officer or employee having such interest shall

not participate in any action by the authority with respect to such

contract.

2. No director, officer or employee of the authority 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 director, officer or employee of the authority to acquire

an interest in the securities of the authority.