Arizona Laws 33-1811. Board of directors; contracts; conflict
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If any contract, decision or other action for compensation taken by or on behalf of the board of directors would benefit any member of the board of directors or any person who is a parent, grandparent, spouse, child or sibling of a member of the board of directors or a parent or spouse of any of those persons, that member of the board of directors shall declare a conflict of interest for that issue. The member shall declare the conflict in an open meeting of the board before the board discusses or takes action on that issue and that member may then vote on that issue. Any contract entered into in violation of this section is void and unenforceable.
Terms Used In Arizona Laws 33-1811
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215