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, including any loan to any sponsor, builder, or developer, 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.
History: Created 1972 Ky. Acts ch. 70, sec. 22.

Terms Used In Kentucky Statutes 198A.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: means the Kentucky Housing Corporation created by this chapter. See Kentucky Statutes 198A.010
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