N.Y. Urban Development Corporation Act 174/68 § 32: Special provisions relating to directors of the corporation and members of the business advisory council for urban development

§ 32. Special provisions relating to directors of the corporation and

members of the business advisory council for urban development.

Notwithstanding the provisions of any other law, any state

instrumentality, including any state agency, trust fund or public

benefit corporation other than the corporation, may purchase from, sell

to, borrow from, loan to, contract with or otherwise deal with any

corporation, trust, association, partnership or other entity in which

any director of the corporation or any member of the business advisory

council for urban development, created by section four of this act, has

a financial interest, direct or indirect, and the corporation may engage

in any such transaction with any other state instrumentality with which

any director of the corporation is affiliated as a state officer or

employee, provided that prior to such transaction such interest or

affiliation is disclosed to such other state instrumentality and is

disclosed in the minutes of the corporation, and provided further that

no director having such an affiliation (except such an affiliation with

a subsidiary corporation of the corporation organized in accordance with

section twelve of this act or with any authority or commission

heretofore or hereafter continued or created under the public

authorities law) may participate in any decision of the corporation

affecting such transaction.