A conflict of interest occurs when any Board member has existing or potential interests that compete or could compete with the interests of the University or any directly affiliated organization, or which impairs or might reasonably impair such Board members' independent, unbiased judgment in the discharge of one's responsibility. Board members shall avoid entering into or maintaining any business or financial interests, transactions, acquisitions or sales of property interest which are or may be in conflict with those of the University. Board members shall avoid any personal interest, direct or indirect, in any contract for the purchase of land, buildings, supplies, or services for the University. Board members shall not accept gifts or benefits from any person holding contracts for supplies or services to the University.
Board members shall refrain from using, discussing, or disseminating confidential information obtained in his or her official capacity as a Board member and through Board discussions during closed sessions of the Board in any manner and for any reason, including, but not limited to, using, disclosing, or disseminating such information with the intent to obtain financial gain for himself or herself or any other person or any other business with which the Board member is associated.
Whenever any conflict of interest appears to exist after taking the oath of office, the Board member shall immediately fully disclose that conflict to the Executive Committee and to the President of the University. In no event shall such disclosure be delayed longer than seventy-two (72) hours prior to consideration of the matter by the Board.
These Bylaws may be amended by the affirmative vote of a majority of the membership of the Board of Regents, provided that notice in writing of any proposed amendment is given to members at least 7 days prior to a meeting at which the amendment is to be discussed. The seven-day notice provision may be waived upon a vote of the majority of the Board members. Deleted: