N.Y. Urban Development Corporation Act § 32
Notwithstanding the provisions of any other law, any state instrumentality, including any state agency, trust fund or public benefit corporation other than the corporation, may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any corporation, trust, association, partnership or other entity in which any director of the corporation or any member of the business advisory council for urban development, created by section four of this act, has a financial interest, direct or indirect, and the corporation may engage in any such transaction with any other state instrumentality with which any director of the corporation is affiliated as a state officer or employee, provided that prior to such transaction such interest or affiliation is disclosed to such other state instrumentality and is disclosed in the minutes of the corporation, and provided further that no director having such an affiliation (except such an affiliation with a subsidiary corporation of the corporation organized in accordance with section twelve of this act or with any authority or commission heretofore or hereafter continued or created under the public authorities law) may participate in any decision of the corporation affecting such transaction.
N.Y. Urban Development Corporation Act § 32