Bonds or notes not invalidated by interest of board member in purchasing bank; such member not to vote.
Memphis Charter, art. 81, § 1051
in effectSec. 1051. - Bonds or notes not invalidated by interest of board member in purchasing bank; such member not to vote.
The fact that any member of such boards of education may be a director or stockholder in any bank or trust company purchasing any of the notes, bonds or evidences of indebtedness hereinbefore mentioned, or making any of the loans contemplated hereunder, shall not invalidate or affect the legality of any such transaction with said bank or trust company; provided, such member so interested in said bank or trust company shall not vote upon the matter of selling said notes, bonds or evidences of indebtedness to said bank or trust company, or the matter of contracting with said bank or trust company in that regard.
(Priv. Acts 1921, ch. 5, § 8)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART81CHBOEDMESC_DIVIIFIAF_S1051BONONOININBOMEPUBASUMENOVOFetched: 10/28/2026