New York Laws
Title 1-A - Long Island Power Authority
1020-AA - Conflicts of Interest.

§ 1020-aa. Conflicts of interest. 1. If any member, officer or
employee of the authority shall have an interest, either direct or
indirect, in any contract to which the authority is, or is to be, a
party, such interest shall be disclosed to the authority in writing and
shall be set forth in the minutes of the authority. The member, officer
or employee having such interest shall not participate in any action by
the authority with respect to such contract.

2. No member, officer or employee shall be deemed to have such an
interest solely by reason of the ownership of two percent or less of the
securities of a corporation which is, or is to be, a party to a contract
with the authority, including without limitation the holding company of
any banking institution in which the funds of the authority are, or are
to be, deposited or which is, or is to be, acting as trustee or paying
agent under any bond or note resolution, trust indenture or similar
instrument to which the authority is a party.

3. Nothing in this section shall be deemed or construed to limit the
right of any member, officer or employee of the authority to acquire an
interest in bonds or notes of the authority.

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