a. A director does not have a material financial interest in a resolution fixing the compensation of the director or fixing the compensation of another director as a director, officer, employee, or agent of the corporation, even though the first director is also receiving compensation from the corporation; b. A director has a material financial interest in an organization in which the director, or a member of the family of the director, has a material financial interest; and c. A "member of the family" of a director is a spouse, parent, child, child of a spouse, brother, sister, or the spouse of any of them. 4. The procedures described under subdivisions a, b, and c of subsection 2 are not required if the contract or other transaction is between related organizations.
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