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Current as of January 01, 2023 | Updated by FindLaw Staff
If any officer, commissioner or employee of the authority, or any member of the governing body of the county for which the authority is created, shall be interested either directly or indirectly in any contract with the authority, such interest shall be disclosed to the authority and the county board of commissioners and shall be set forth in the minutes of the authority and the county board of commissioners, and the officer, commissioner, employee or member having such interest therein shall not participate on behalf of the authority in the authorization of any such contract or on behalf of the governing body of the county in the approval of the bonds to be issued by the authority to finance the project, respectively; provided, however, that this section shall not apply to the ownership of less than one per centum (1%) of the stock of any operator or obligor. Failure to take any or all actions necessary to carry out the purposes of this section shall not affect the validity of bonds issued pursuant to the provisions of this Chapter.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 159C. Industrial and Pollution Control Facilities Financing Act § 159C-16. Conflict of interest - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-159c-industrial-and-pollution-control-facilities-financing-act/nc-gen-st-sect-159c-16.html
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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