Section 2.03. Conflicts of interest.

  When a person in a decision making position with an association must decide between his or her personal financial interests and those of the association, the association is exposed to unnecessary risk. Each officer, director and employe shall avoid such conflict of interest situations. The board of directors of each association shall establish and implement written policies and procedures reasonably calculated to identify potential conflicts of interest and, when reasonably possible, to avoid placing an association's officer, director or employe in such a position. Establishing and implementing policies and procedures that assure compliance with its federal insuring agency's regulations governing transactions between the insured association and affiliated persons shall constitute compliance with this section.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

This section interprets or implements ss. 215.21 (17) , 215.50 and 215.70 , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1