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20 ILCS 3501/845-45
(20 ILCS 3501/845-45)
Sec. 845-45.
(a) No member, officer, agent, or employee of the Authority
shall, in his or
her own name or in the name of a nominee, be an officer or director or hold an
ownership interest of more than 7 1/2% in any person, association, trust,
corporation, partnership, or other entity that is, in its own name or in the
name of a nominee, a party to a contract or agreement upon which the member,
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), in a contract or agreement upon which the member,
officer, agent, or employee may be called upon to act or vote, a member,
officer, agent, or employee of the Authority shall disclose the interest to the
secretary of the Authority before the taking of final action by the Authority
concerning the contract or agreement and shall so disclose the nature and
extent
of the interest and his or her acquisition of it, and those disclosures shall
be
publicly acknowledged by the Authority and entered upon the minutes of the
Authority. If a member, officer, agent, or employee of the Authority holds such
an interest, then he or she shall refrain from any further official involvement
in regard to the contract or agreement, from voting on any matter pertaining to
the contract or agreement, and from communicating with other members of the
Authority or its officers, agents, and employees concerning the 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 that interest.
(c) Any contract or agreement made in violation of paragraphs (a) or (b) of
this
Section shall be null and void and give rise to no action against the
Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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