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Current through October 23, 2012
(a) No member of the Board or employees of the Authority shall be employed by, be an officer or director of, or have any ownership interest in any corporation or entity which is a party to any agreement with the Authority. No monies of the Authority shall be deposited in any financial institution in which a Board member or employee of the Authority is an officer, director, or holder of a substantial proprietary interest. No real estate to which a Board member or employee of the Authority holds legal title or in which such person has any beneficial interest, including any interest in a land trust, shall be purchased by the Authority. All Board members and employees of the Authority shall file annually with the Authority a record of all real estate in the District to which such person holds legal title or in which such person has any beneficial interest, including any interest in a land trust. In the event it is later disclosed that the Authority has purchased real estate in which a Board member or employee had an interest, such purchase shall be void by the Authority and the Board member or employee involved shall be disqualified from membership in or employment by the Authority.
(b) No member of the Board or employee of the Authority shall in his or her own name or in the name of a nominee, be an officer, director, or hold an ownership interest in any association, trust, corporation, partnership, or other entity which is in its own name or the name of a nominee, a party to a contract or agreement upon which the Board member, officer, agent, or employee may be called to act or vote. Any contract or agreement made in violation of this subsection shall be void and shall give rise to no action against the Authority.
(Aug. 23, 1994, D.C. Law 10-153, § 15, 41 DCR 4652.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 40-854.
Legislative History of Laws
For legislative history of D.C. Law 10-153, see Historical and Statutory Notes following § 50-2501.
