Any member, officer or employee of the bank who is interested either directly or indirectly,
or who is an officer or employee of, or has an ownership interest in any firm or agency
interested, directly or indirectly, in any contract with the bank, shall disclose
this interest to the board. This interest shall be set forth in the minutes of the board, and the member, officer
or employee having the interest shall not participate on behalf of the bank in the
authorization of any such contract.
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.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.