The agency may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any corporation, trust, association, partnership or other entity in which any director of the agency has a financial interest, direct or indirect, provided that (1) such interest is disclosed to the board prior to the consummation of such transaction, (2) such disclosure is recorded in the minutes of the agency and (3) no director having such a financial interest may participate in any decision affecting such transaction.
New York Legal Code