Indiana Code 36-9-11.1-4. Pecuniary interest; board or employee
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Terms Used In Indiana Code 36-9-11.1-4
- Bequest: Property gifted by will.
- Board: refers to the board of transportation of the consolidated city, subject to IC 36-3-4-23. See Indiana Code 36-9-11.1-3
- Contract: A legal written agreement that becomes binding when signed.
- Department: refers to the department of transportation of the consolidated city, subject to IC 36-3-4-23. See Indiana Code 36-9-11.1-3
- Devise: To gift property by will.
- 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
Sec. 4. A member of the board or employee of the department may not have, either directly or indirectly, any pecuniary interest in any contract, purchase, or sale, or in any remuneration paid to or received by any other person, under this chapter, and any transaction made in which any such member or employee has a pecuniary interest is void. However, any property required for the purposes of the department in which a member of the board, or relative of a member, has a pecuniary interest may be acquired but only by gift, bequest, or devise.
As added by Acts 1982, P.L.77, SEC.13.