Section 1020-AA. Conflicts of interest

1.  If  any  member, officer or
  employee of the authority shall  have  an  interest,  either  direct  or
  indirect,  in  any  contract  to  which the authority is, or is to be, a
  party, such interest shall be disclosed to the authority in writing  and
  shall  be set forth in the minutes of the authority. The member, officer
  or employee having such interest shall not participate in any action  by
  the authority with respect to such contract.
    2.  No  member,  officer  or  employee shall be deemed to have such an
  interest solely by reason of the ownership of two percent or less of the
  securities of a corporation which is, or is to be, a party to a contract
  with the authority, including without limitation the holding company  of
  any  banking institution in which the funds of the authority are, or are
  to be, deposited or which is, or is to be, acting as trustee  or  paying
  agent  under  any  bond  or  note resolution, trust indenture or similar
  instrument to which the authority is a party.
    3. Nothing in this section shall be deemed or construed to  limit  the
  right  of any member, officer or employee of the authority to acquire an
  interest in bonds or notes of the authority.