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Current as of March 08, 2022 | Updated by FindLaw Staff
If any contract, decision or other action for compensation taken by or on behalf of the board of directors would benefit any member of the board of directors or any person who is a parent, grandparent, spouse, child or sibling of a member of the board of directors or a parent or spouse of any of those persons, that member of the board of directors shall declare a conflict of interest for that issue. The member shall declare the conflict in an open meeting of the board before the board discusses or takes action on that issue and that member may then vote on that issue. Any contract entered into in violation of this section is void and unenforceable.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 33. Property § 33-1811. Board of directors; contracts; conflict - last updated March 08, 2022 | https://codes.findlaw.com/az/title-33-property/az-rev-st-sect-33-1811/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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