Patricia serves on the board of managers of her condominium in Long Island. She wants to hire her brother's construction company for building repairs. Under New York law, what is required for this transaction?
Correct Answer
B) Full disclosure of the relationship and approval by disinterested board members or unit owners
Under New York law, conflicts of interest by board members require full disclosure of the relationship and approval by disinterested board members or unit owners. The transaction may proceed if properly disclosed and approved, and if the terms are fair to the condominium.
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