Prohibition against certain personnel contracting with association or accepting commission, personal profit or compensation from association; exceptions.
1. Except as otherwise provided in this section, a member of an executive board or an officer of an association shall not:
(a) On or after October 1, 2003, enter into a contract or renew a contract with the association to provide goods or services to the association; or
(b) Otherwise accept any commission, personal profit or compensation of any kind from the association for providing goods or services to the association.
2. The provisions of this section do not prohibit a declarant, an affiliate of a declarant or an officer, employee or agent of a declarant or an affiliate of a declarant from:
(a) Receiving any commission, personal profit or compensation from the association, the declarant or an affiliate of the declarant for any goods or services furnished to the association;
(b) Entering into contracts with the association, the declarant or affiliate of the declarant; or
(c) Serving as a member of the executive board or as an officer of the association.
Last modified: February 27, 2006