Guam § 5107 - Interest of Commissioners and Others in Projects; Duty to

§ 5107. Interest of Commissioners and Others in Projects; Duty to

Disclose; Violation.

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(a) During his tenure and for one (1) year thereafter, no

Commissioner, officer or employee of the Authority shall voluntarily

acquire any personal interest, direct or indirect, in any project or in any

property included or planned to be included in any project, or in any

contract or proposed contract relating to any project. If any such

Commissioner, officer or employee involuntarily acquires any such

interest or voluntarily or involuntarily acquired any such interest prior to

appointment or employment as a Commissioner, officer or employee, or

thereafter, then in any such event, the Commissioner, officer or

employee, shall immediately disclose his interest, in writing, to the

Authority and such disclosure shall be entered upon the minutes of the

Authority, and the Commissioner, officer or employee shall not

participate in any action by the Authority relating to the property or

contract in which he has any such interest.

(b) Any violation of the foregoing provisions of this Subsection

shall constitute misconduct in office.

(c) These provisions shall not be applicable to the acquisition of

any interest in notes or bonds of the Authority issued in connection with

any project, or to the execution of agreements by banking institutions for

the deposit or handling of funds in connection with a project or to act as

trustee under any trust indenture or agreement, or to utility services the

rates for which are fixed or controlled by a governmental agency.