GYSC Policy 011
Conflicts of Interest
For purposes of this provision, and in accordance with GYSC By-Laws, Article XII, Section 1, Conflicts of Interest, the term “interest” shall include personal interest, interest as director, officer, member, stockholder, shareholder, partner, manager, trustee or beneficiary of any concern and having an immediate family member who holds such an interest in any concern. The term “concern” shall mean any corporation, association, trust, partnership, limited liability entity, firm, person or other entity other than the organization.
Whenever an officer has a financial or personal interest in any matter coming before the board of directors, the affected person shall a) fully disclose the nature of the interest and b) withdraw from discussion, lobbying, and voting on the matter. Any transaction or vote involving a potential conflict of interest shall be approved only when a majority of disinterested directors determine that it is in the best interest of the corporation to do so. The minutes of meetings at which such votes are taken shall record such disclosure, abstention and rationale for approval.
All Officers shall agree to and sign the following contract before taking or assuming their responsibilities. The GYSC Secretary is responsible for collecting and filing these forms. The Officer has the responsibility to disclose any conflicts of interest that arise during his/her term. Failure to do so constitutes grounds for impeachment.