(70 ILCS 3205/16) (from Ch. 85, par. 6016)
Sec. 16.
Members or Employees of Authority; Conflicting Relations or
Interests; Effect. No members 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 or is to be a party to a management
agreement or assistance agreement with the
Authority under this Act or which is a tenant of any facility for which
financial assistance is or is to be provided under this Act. No monies of
the Authority shall be deposited in
any financial institution in which any officer, director or holder of a
substantial proprietary interest is also a member or employee of the
Authority. No real estate to which a member or employee of the Authority
holds legal title or in which such person had any beneficial interest,
including any interest in a land trust, shall be purchased by the Authority
or by a corporation or entity for a facility to be financed under this Act.
All members and employees of the Authority shall file annually with the
Authority a record of all real estate in this
State 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 member or employee had an interest, such purchase shall be voidable
by the Authority and the member or employee involved shall be disqualified
from membership in or employment by the Authority.
(Source: P.A. 91-935, eff. 6-1-01.)
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