Section 5-1.4-2-7 - Disclosure of interest in contract; abstention; validity of contract(a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if the director:(1) has, or to the director's knowledge may have or may later acquire, a direct or indirect pecuniary interest in a contract with the bank; or(2) is an officer, member, manager, director, or employee of, or has an ownership interest in, any firm, limited liability company, or corporation that is or may be a party to the contract; if the director discloses in writing to the bank the nature and extent of the interest as soon as the director has knowledge of the interest and abstains from discussion, deliberation, action, and voting with respect to the contract.
(b) Notwithstanding any provision of this article or any other law, a contract or transaction is not void or voidable because of the existence of an interest described in subsection (a), if the provisions of subsection (a) have been satisfied.As added by P.L. 42-1985, SEC.1. Amended by P.L. 8-1993, SEC.50.