New Jersey § 14a:6-8

§ 14a:6-8.

(1) No contract or other transaction between a corporation and one or more of its

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

or association of any type or kind in which one or more of its directors are directors

or are otherwise interested, shall be void or voidable solely by reason of such common

directorship or interest, or solely because such director or directors are present

at the meeting of the board or a committee thereof which authorizes or approves the

contract or transaction, or solely because his or their votes are counted for such

purpose, if any one of the following is true: (a) The contract or other transaction is fair and reasonable as to the corporation

at the time it is authorized, approved or ratified; or (b) The fact of the common directorship 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 director so consenting

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

even though the disinterested directors be less than a quorum; or (c) The fact of the common directorship or interest is disclosed or known to the shareholders,

and they authorize, approve or ratify the contract or transaction. (2) Common or interested directors 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 14A:6-8(1) is authorized, approved or ratified. (3) The board, by the affirmative vote of a majority of directors in office and irrespective

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

compensation of directors for services to the corporation as directors, officers,

or otherwise .