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Louisiana Revised Statutes Tit. 51, § 2320.1. Conflict of interest prohibited; recusal; exceptions

Current as of January 01, 2023 | Updated by Findlaw Staff

A. No member of the corporation, employee thereof, or employee of Louisiana Economic Development who is provided as staff to the corporation shall either directly or indirectly be a party to or be in any manner interested in any contract or agreement with the corporation for any matter, cause, or thing whatsoever by reason whereof any liability or indebtedness shall in any way be created against such corporation. If any contract or agreement shall be made in violation of the provisions of this Section, the same shall be null and void and no action shall be maintained thereon against the corporation.

B. (1) The prohibition described in Subsection A of this Section shall not apply to a member of the corporation or an employee thereof if the respective member recuses himself from voting on the otherwise prohibited contract or agreement.

(2) Any member of the corporation who recuses himself from voting pursuant to the provisions of this Subsection shall also be prohibited from participating in any discussion or debate with respect to the otherwise prohibited contract or agreement.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 51, § 2320.1. Conflict of interest prohibited; recusal; exceptions - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-51-sect-2320-1/

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