No employee or member of a board of regents of a state educational institution shall have direct or indirect financial interest in any contract for building or improving any of that state educational institution or for the furnishing of supplies or services to that institution except as permitted pursuant to the University Research Park and Economic Development Act [Chapter 21, Article 28 NMSA 1978] or the New Mexico Research Applications Act [53-7B-1 to 53-7B-10 NMSA 1978], or unless it complies with provisions of the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978] and the Procurement Code [13-1-28 to 13-1-199 NMSA 1978].

History: Laws 1889, ch. 138, § 68; C.L. 1897, § 3645; Code 1915, § 5174; C.S. 1929, § 130-1409; 1941 Comp., § 55-2819; 1953 Comp., § 73-30-13; Laws 1986, ch. 24, § 1; 1989, ch. 264, § 28; 1999, ch. 148, § 1; 2009, ch. 66, § 13.

The 2009 amendment, effective April 2, 2009, added "and Economic Development Act" after "University Research Park" and added "or the New Mexico Research Applications Act".

The 1999 amendment, effective June 18, 1999, added "or unless it complies with provisions of the Governmental Conduct Act and the Procurement Code" at the end of the paragraph.

Scope of section. — Members of boards of state institutions, their employees and officials or employees of state, or of any institution or agency thereof, are prohibited from becoming interested in any contract for expenditure of public money or for furnishing supplies to institutions of which they are board members or employees. 1932 Op. Att'y Gen. No. 32-373 (issued prior to 1999 amendment of section).

Insurance policies. — A member of the board of regents of the state school of mines (now New Mexico institute of mining and technology) may not write an insurance policy on buildings of the institution. 1921 Op. Att'y Gen. No. 21-3195 (issued prior to 1999 amendment of section).

Bidding on supplies. — A firm of which a trustee is a member may not bid on supplies for a state institution. 1917 Op. Att'y Gen. No. 17-1978 (issued prior to 1999 amendment of section).