(70 ILCS 3205/17) (from Ch. 85, par. 6017)
Sec. 17.
Members or Employees of Authority - Conflicting Relations or
Interests - Effects.
(A) In addition to the prohibitions of Section 16 of this Act, no member
of the Authority or officer, agent or
employee thereof shall, in his or her own name or in the name of a nominee, be
an officer, director or hold an ownership interest of more than 7 1/2% in any
person, association, trust, corporation, partnership or other entity which
is, in its own name or in the name of a nominee, a party to a contract or
agreement upon which the member or officer, agent or employee may be called
upon to act or vote.
(B) With respect to any direct or any indirect interest, other than an
interest prohibited in subsection (A) of this Section or Section 16 of this
Act, in a
contract or agreement upon
which the member or officer, agent or employee may be called upon to act or
vote, a member of the Authority or officer, agent or employee thereof shall
disclose the same to the secretary of the Authority prior to the taking of
final action by the Authority concerning such contract or agreement and
shall so disclose the nature and extent of such interest and his or her
acquisition thereof, which disclosures shall be publicly acknowledged by
the Authority and entered upon the minutes of the Authority. If a member
of the Authority or officer, agent or employee thereof holds such an
interest then he or she shall refrain from any further official involvement
in regard to such contract or agreement, from voting on any matter
pertaining to such contract or agreement, and from communicating with other
members of the Authority or its officers, agents and employees concerning
said contract or agreement. Notwithstanding any other provision of law,
any contract or agreement entered into in conformity with this subsection
(B) shall not be void or invalid by reason of the interest described in
this subsection, nor shall any person so disclosing the interest and
refraining from further official involvement as provided in this subsection
be guilty of an offense, be removed from office or be subject to any other
penalty on account of such interest.
(C) Any contract or agreement made in violation of subsections (A) or (B)
of this Section shall be null and void and give rise to no action against
the Authority.
(Source: P.A. 91-935, eff. 6-1-01.)
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