(20 ILCS 3805/4.1) (from Ch. 67 1/2, par. 304.1)
Sec. 4.1.
(a) No member of the Authority or officer, agent or
employee thereof shall, in his or her own name or in the name of a nominee,
be an officer, director or hold an ownership interest of more than 7 1/2%
in any person, association, trust, corporation, partnership or other entity
which is, in its own name or in the name of a nominee, a party to a
contract or agreement upon which the member or officer, agent or employee
may be called upon to act or vote.
(b) With respect to any direct or any indirect interest, other than an
interest prohibited in subsection (a), in a contract or agreement upon which
the member or officer, agent or employee may be called upon to act or vote, a
member of the Authority or officer, agent or employee thereof shall
disclose the same to the secretary of the Authority prior to the taking of
final action by the Authority concerning such contract or agreement and
shall so disclose the nature and extent of such interest and his or her
acquisition thereof, which disclosures shall be publicly acknowledged by
the Authority and entered upon the minutes of the Authority. If a member of
the Authority or officer, agent or employee thereof holds such an interest
then he or she shall refrain from any further official involvement in
regard to such contract or agreement, from voting on any matter pertaining
to such contract or agreement, and from communicating with other
members of the Authority or its officers, agents and employees concerning
said contract or agreement. Notwithstanding any other provision of law, any
contract or agreement entered into in conformity with this subsection (b)
shall not be void or invalid by reason of the interest described in this
subsection, nor shall any person so disclosing the interest and refraining
from further official involvement as provided in this subsection be guilty
of an offense, be removed from office or be subject to any other penalty on
account of such interest.
(c) Any contract or agreement made in violation of paragraphs (a) or (b)
of this Section shall be null and void and give rise to no action against
the Authority. No real
estate to which a member or employee of the Authority holds legal title or
in which such person has any beneficial interest, including any interest in
a land trust, shall be purchased by the Authority or by a nonprofit
corporation or limited-profit entity for a development or any housing
related commercial facilities to be financed under this Act. All members and
employees of the Authority shall file annually with the Authority a record
of all real estate in this State to which such person holds legal title or
in which such person has any beneficial interest, including any interest in
a land trust. In the event it is later disclosed that the Authority has
purchased real estate in which a member or
employee had an interest, such purchase shall be voidable by the Authority
and the member or employee involved shall be disqualified from membership
in or employment by the Authority.
(Source: P.A. 83-1528.)
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