261—410.6 (83GA,SF376) Conflicts of interest.
	 410.6(1) Definition.
“Conflict of interest” means that a member of the board:
	  1. 	 Has a significant employment relationship with an applicant; or
	  2. 	 Is a member of the board of directors or a stockholder of a corporate applicant; or
	  3. 	 Has a financial relationship with an applicant, including but not limited to an investor, a contractor, or a consultant; or
	  4. 	 Is an immediate family member of a person who has a conflict of interest under this rule. For the purposes of this rule, “immediate family” means a member’s spouse, children, grandchildren and parents.
	 410.6(2) Procedures. As soon as a member of the board or a committee becomes aware of a conflict of interest in a project for which applications are filed with the board or for which potential applications are discussed by the board or committee, the member shall follow these procedures:
	  a.   	 If the conflict is known before a meeting, the member shall fully disclose the interest to the chairperson of the board in writing at least 24 hours before the meeting.
	  b.   	 If the conflict is discovered during a meeting, the member shall orally inform the board, and the nature of the conflict shall be reported in writing to the chairperson of the board within 24 hours after the meeting.
	  c.   	 The member who has the conflict shall not participate in discussion or vote on any issues concerned with the project.
[ARC 8218B, IAB 10/7/09, effective 9/17/09]