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Section 72678 Of Article 6. Auxiliary Organizations From California Education Code >> Division 7. >> Title 3. >> Part 45. >> Chapter 6. >> Article 6.
72678
. No contract or other transaction entered into by the board
of directors of an auxiliary organization is void under the
provisions of Section 72677; nor shall any member of such board be
disqualified or deemed guilty of misconduct in office under such
provisions, if both of the following conditions are met:
(a) The fact of such financial interest is disclosed or known to the board of directors and noted in the minutes, and the board thereafter authorizes, approves, or ratifies the contract or transaction in good faith by a vote sufficient for the purpose without counting the vote or votes of such financially interested member or members.
(b) The contract or transaction is just and reasonable as to the auxiliary organization at the time it is authorized or approved.
(a) The fact of such financial interest is disclosed or known to the board of directors and noted in the minutes, and the board thereafter authorizes, approves, or ratifies the contract or transaction in good faith by a vote sufficient for the purpose without counting the vote or votes of such financially interested member or members.
(b) The contract or transaction is just and reasonable as to the auxiliary organization at the time it is authorized or approved.
