New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 10 - HEALTH INSURANCE
Part 11 - HEALTH INSURANCE ALLIANCE PLAN OF OPERATION AND ELIGIBILITY CRITERIA
Section 13.10.11.13 - INTERESTED PARTIES
Universal Citation: 13 NM Admin Code 13.10.11.13
Current through Register Vol. 35, No. 18, September 24, 2024
No contract or transaction between the alliance and one or more of its directors, or between the alliance and any other corporation, partnership, association or other organization in which one or more if its directors are directors or officers, or have a financial interest, shall be void or voidable based only on one or more of the following:
A. the financial interest;
B. the presence at or participation in the meeting authorizing the contract or transaction; or
C. the counting of the director's vote for such purpose, if:
(1) the
material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the board of directors or the
committee, and the board or committee in good faith authorized the contract or
transaction by the affirmative votes of a majority of the disinterested
directors or the committee, and the board or committee in good faith authorized
the contract or transaction by the affirmative votes of a majority of the
disinterested directors, even though the disinterested directors be less than a
quorum; or
(2) the material facts
as to his relationship or interest and as to the contract or transaction are
disclosed or are known to the directors entitled to vote thereon, and the
contract or transaction is specifically approved in good faith by vote of the
directors; or
(3) the contract or
transaction is fair as to the alliance as of the time it is
authorized, approved or ratified, by the board of directors, or a committee
thereof. Common or interested directors may be counted in determining the
presence of a quorum at a meeting of the board of directors or of a committee
which authorized the contract or transaction.
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