No Director shall be beneficially interested, directly or indirectly, in any contract made by, through or under the supervision of such Director, in whole or in part, except to the extent allowed by state law. 

A Director shall disclose and have noted in the official minutes any remote interest, as defined by state law, in a contract prior to Board approval of the contract.  The Director shall not vote on, participate in, or seek to influence approval of such contract. 

“Remote interest” includes: 

1. That of a non-salaried officer of a nonprofit corporation; 
2. That of an employee or agent of a contracting party where the compensation of such employee or agent consists entirely of fixed wages or salary; 
3. That of a landlord or tenant of a contracting party; 
4. That of a holder of less than one percent of the shares of a corporation or cooperative which is a contracting party.