If any member, officer or employee of the corporation shall be interested either directly or indirectly, or shall be an officer or employee of or have an ownership interest in any firm or corporation interested directly or indirectly in any contract with the corporation, such interest shall be disclosed to the corporation and shall be set forth in the minutes of the corporation, and the member, officer or employee having such interest therein shall not participate on behalf of the corporation in the authorization of any such contract.
Effective: June 17, 1978

Terms Used In Kentucky Statutes 164A.210

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010

History: Created 1978 Ky. Acts ch. 387, sec. 21, effective June 17, 1978.

  Previous section
Next section  
 Chapter 164A Contents