(20 ILCS 3820/40)
Sec. 40.
Conflict of interest.
(a) No member, officer, agent, or employee of the Authority shall,
in his or her own name or in the name of a nominee, be an officer or
director or hold an ownership interest of more than 7.5% in any person,
association, trust, corporation, partnership, or other entity that is, in its
own name or in the name of a nominee, a party to a contract or
agreement upon which the member, officer, agent, or employee may be
called upon to act or vote. The prohibition of this subsection (a) does not
apply, however, to prohibit contracts or agreements between the
Authority and entities qualified under Section 501 of the Internal
Revenue Code of 1986 due to a member of the Authority serving as an
officer or director of that entity.
(b) With respect to any direct or indirect interest, other than
an interest prohibited in subsection (a) of this Section, in a contract or
agreement upon which the member, officer, agent, or employee may be
called upon to act or vote, a member, officer, agent, or employee of the
Authority shall disclose the interest to the secretary of the Authority
before the taking of final action by the Authority concerning the contract
or agreement and shall so disclose the nature and extent of the interest
and his or her acquisition of it, and those disclosures shall be publicly
acknowledged by the Authority and entered upon the minutes of the
Authority. If a member, officer, agent, or employee of the Authority holds
such an interest, then he or she shall refrain (i) from any further official
involvement in regard to the contract or agreement, (ii) from voting on any
matter pertaining to the contract or agreement, and (iii) from communicating
with members of the Authority or its officers, agents, and employees
concerning the 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 (b), nor shall any person so
disclosing the interest and refraining from further official involvement as
provided in this subsection (b) be guilty of an offense, be removed from
office, or be subject to any other penalty on account of that interest.
(c) Any contract or agreement made in violation of subsection (a)
or (b) of this Section shall be null and void, but shall not give rise to any
action against the Authority.
(Source: P.A. 92-864, eff. 6-1-03.)
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