§8008.  Conflict of interest; disclosure of interests; penalty

A.  No director or officer of a corporation shall borrow money or receive anything of value from any contractor doing business with such corporation.  No director, officer, or employee of a corporation shall have any interest in any contract let by such corporation.  Any director or officer of a corporation who is a director or stockholder in any corporation, or is an agent or attorney or who is financially interested in any subject before the corporation shall reveal such interest to the board of directors of the corporation and shall not discuss or vote on the subject at any meeting of its board of directors or any of its committees.  

B.  A 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 member of its advisory board has a financial interest, direct or indirect, provided that such interest is disclosed in the minutes of the corporation and provided further that no member having such a financial interest may participate in any decision affecting such transaction.  

C.  Any contract entered into in violation of this Section shall be voidable at the option of the corporation.  

Acts 1988, No. 996, §1.