Contracts Between Corporation and Related Persons. To the greatest extent allowed by Ohio law and, while operating as a public Ohio community school specifically subject to the limitations and restrictions imposed on public officers, any contract or other transaction between this corporation and one or more of its directors, or between this corporation and any entity of which one or more of this corporation's directors are interested, whether such director is a member of the board of the school or not, shall be valid for all purposes, notwithstanding the presence of such director at the meeting at which the board of directors of the corporation acts upon, or in reference to, such contract or transaction, and notwithstanding the participation of the director in such action, if the fact of such interest shall be disclosed or known to the board of directors, and the board of directors nevertheless, authorize, approve or ratify such contract or transaction by a vote of a majority of the directors present. Unless Ohio law otherwise prohibits or permits, the interested director may be counted in determining whether a quorum is present but may not be counted in voting upon the matter or in calculating the majority of such quorum necessary to carry such vote. This article shall not be construed to invalidate any contract or other transaction which would otherwise be valid under the common and statutory law applicable thereto.
Contracts Between Corporation and Related Persons. As required by applicable law, any Director, officer, or employee of the Academy, who enters into a contract with the Academy, that meets the definition of contract under the statute on Contracts of Public Servants with Public Entities, Act No. 317 of the Public Acts of 1968, being sections 15.321 to 15.330 of the Michigan Complied Laws, shall comply with the public disclosure requirement set forth in Section 3 of the statute.
Contracts Between Corporation and Related Persons. Except as may be prohibited by the Contract or applicable law, any contract or transaction between this Corporation and one or more of its Directors, or between this Corporation and any firm of which one or more of this Corporation's Directors are members or employees, or in which one or more of this Corporation's Directors are interested, shall be valid for all purposes, notwithstanding the presence of such Director or Directors at the meeting at which the Board of Directors of the Corporation acts upon, or in reference to, such contract or transaction, and notwithstanding the participation of the Director or Directors in such action, if the fact of such interest shall be disclosed to the Board of Directors in the manner and form prescribed by applicable law and the Board of Directors shall, nevertheless, authorize, approve and ratify such contract or transaction by a vote of a majority of the Directors present, such interested Director or Directors to be counted in determining whether a quorum is present, but not to be counted as voting upon the matter or in calculating the majority of such quorum necessary to carry such vote.
