N.Y. UDA Law § 32

§ 32. Special provisions relating to directors of the corporation and\nmembers of the business advisory council for urban development.\nNotwithstanding the provisions of any other law, any state\ninstrumentality, including any state agency, trust fund or public\nbenefit corporation other than the corporation, may purchase from, sell\nto, borrow from, loan to, contract with or otherwise deal with any\ncorporation, trust, association, partnership or other entity in which\nany director of the corporation or any member of the business advisory\ncouncil for urban development, created by section four of this act, has\na financial interest, direct or indirect, and the corporation may engage\nin any such transaction with any other state instrumentality with which\nany director of the corporation is affiliated as a state officer or\nemployee, provided that prior to such transaction such interest or\naffiliation is disclosed to such other state instrumentality and is\ndisclosed in the minutes of the corporation, and provided further that\nno director having such an affiliation (except such an affiliation with\na subsidiary corporation of the corporation organized in accordance with\nsection twelve of this act or with any authority or commission\nheretofore or hereafter continued or created under the public\nauthorities law) may participate in any decision of the corporation\naffecting such transaction.\n