(70 ILCS 3210/70)
Sec. 70.
Conflicts of interest; contracts.
(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 interest 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 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), 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
of the Authority shall disclose the same 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 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 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 such interest.
(c) Any contract or agreement made in violation of subsection (a)
or (b) of this Section shall be null and void and give rise to no
action against the Authority.
(Source: P.A. 93-227, eff. 1-1-04.)
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