N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1729-1.4

Current through Register Vol. 46, No. 45, November 2, 2024

Section 1729-1.4 - Identity of interest

(a) Prior disclosure must be made to the board of directors or the managing general partner, as the case may be, and to the division by managing agents, their employees, affiliated companies of the managing agent and housing company management personnel of self-managed housing companies having a direct or indirect interest in any business which proposes to participate at any stage of a transaction which may lead to the providing of materials or services to the housing company.

(b) Upon such disclosure by an individual or entity listed in subdivision (a) of this section, the housing company, prior to the solicitation of bids, must submit a plan to the division for approval which:

(1) identifies the individual or entity involved who has a direct or indirect interest, their business address and the nature of that interest;

(2) provides an appropriate mechanism to assure that all bids will be solicited and evaluated fairly; and

(3) is designed to enable the housing company, in the event of an award to such a business, to adequately monitor the performance of the contract or transaction. If the housing company does not intend to solicit bids, it must establish to the division that unique circumstances or emergency conditions render the use of a bidding procedure impracticable or inappropriate.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1729-1.4