No director shall be entitled to vote on any matter before the Authority if such director knowingly has a financial interest in the outcome of such matter. In the event a director knowingly has a financial interest such director shall indicate to the chairperson the nature of the interest and the chairperson shall note for the record that the director did not vote by reason of conflict of interest. In situations in which a director or directors do not vote by reason of conflict of interest, the matter pending before the Authority shall be decided on the basis of a majority vote of the remaining directors present who do not have a conflict of interest. A director or directors having a conflict of interest as set forth herein shall be counted for purposes of establishing a quorum provided such director or directors are present at the meeting. The fact that a director or directors have not voted by reason of conflict of interest shall in no way affect the validity of an act or actions taken regarding the matter before the Authority.
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