(70 ILCS 520/11.1)
(from Ch. 85, par. 6161.1)
(a) No member of the Authority or 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 of or hold an ownership of more than
7.5% 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, the member, officer, agent, or employee shall disclose that interest
to the secretary of the Authority before the taking of final action by the
Authority concerning that contract or agreement and shall also disclose the
nature and extent of that interest and his or her acquisition of that
interest, which disclosures shall be publicly acknowledged by the Authority
and entered upon the minutes of the Authority. If a member of the
Authority or an 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 an 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 subsection (a) or (b)
is void and gives rise to no action against the Authority.
(Source: P.A. 86-1455.)