Indiana Code 36-7-14-10. Commissioners and nonvoting advisers; pecuniary interests in property and transactions
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Sec. 10. (a) A redevelopment commissioner or a nonvoting adviser appointed under section 6.1 of this chapter may not have a pecuniary interest in any contract, employment, purchase, or sale made under this chapter. However, any property required for redevelopment purposes in which a commissioner or nonvoting adviser has a pecuniary interest may be acquired, but only by gift or condemnation.
(b) A transaction made in violation of this section is void.
[Pre-Local Government Recodification Citations: 18-7-7-10; 18-7-7.1-10.]
As added by Acts 1981, P.L.309, SEC.33. Amended by Acts 1981, P.L.310, SEC.86; P.L.146-2008, SEC.724.
Terms Used In Indiana Code 36-7-14-10
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Indiana Code 1-1-4-5