Sec. 12. An individual is not prohibited from serving as a board member if the member: (1) has a pecuniary interest in; or (2) derives a profit from; a contract or purchase connected with the corporation. However, the member shall disclose the interest or profit in writing to the board. The member shall abstain from voting on any matter that affects the interest or profit. [Pre-1993 Recodification Citation: 16-12-21-8 part.]
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