N.Y. UDR Law § 22
This is the official text of N.Y. UDR Law § 22, part of New York’s UDR Law — part of the compiled statutory law of New York, published by the state as "UDR Law." Browse the sections below, each linked to its official government source.
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Permissible relations
Official statutory text
§ 22. Permissible relations. (1) Notwithstanding any rule at common\nlaw or any provision of any general, special or local law, the\ncorporation may purchase from, sell to, borrow from, loan to, contract\nwith or otherwise deal with any person, corporation, trust, association,\npartnership or other entity which is a member of the corporation and/or\nin which any director of the corporation has a financial interest,\ndirect or indirect, provided that such interest is disclosed in the\nminutes of the corporation and provided further that no director having\nsuch a financial interest may participate in any decision affecting such\ntransaction.\n
Status: in_force · Read it on the official government site
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