New Jersey § 15a:6-8

§ 15a:6-8.

a. No contract or other transaction between a corporation and one or more of its trustees,

or between a corporation and any domestic or foreign corporation, firm, corporate

business entity or association of any type or kind in which one or more of its trustees

are trustees or directors or are otherwise interested, shall be void or voidable solely

by reason of the common trusteeship or interest, or solely because the trustee or

trustees are present at the meeting of the board or a committee thereof which authorizes

or approves the contract or transaction, or solely because the trustee's or trustees'

votes are counted for that purpose, if the contract or other transaction is fair and

reasonable as to the corporation at the time it is authorized, approved or ratified

and either: (1) the fact of the common trusteeship or interest is disclosed or known to the board

or committee and the board or committee authorizes, approves, or ratifies the contract

or transaction by unanimous written consent, provided at least one trustee so consenting

is disinterested, or by affirmative vote of a majority of the disinterested trustees,

even though the disinterested trustees be less than a quorum; or (2) the fact of the common trusteeship or interest is disclosed or known to the members,

if any, and they authorize, approve or ratify the contract or transaction. b. Common or interested trustees may be counted in determining the presence of a quorum

at a board or committee meeting at which a contract or transaction described in subsection

a. of this section is authorized, approved or ratified. c. The board, by the affirmative vote of a majority of trustees in office and irrespective

of any personal interest of any of them, shall have authority to establish reasonable

compensation of trustees for services rendered to the corporation as trustees, officers,

or otherwise. The approval of the members shall be required if the bylaws so provide.