N.Y. Urban development research corporation act 173/68 § 22: Permissible relations

§ 22. Permissible relations. (1) Notwithstanding any rule at common

law or any provision of any general, special or local law, the

corporation may purchase from, sell to, borrow from, loan to, contract

with or otherwise deal with any person, corporation, trust, association,

partnership or other entity which is a member of the corporation and/or

in which any director of the corporation has a financial interest,

direct or indirect, provided that such interest is disclosed in the

minutes of the corporation and provided further that no director having

such a financial interest may participate in any decision affecting such

transaction.