(1) As used in this section: (a) "Direct financial benefit": (i) means any form of financial benefit that accrues to an individual directly as a result of the development of the point of the mountain state land, including: (A) compensation, commission, or any other form of a payment or increase of money; and (B) an increase in the value of a business or property; and (ii) does not include a financial benefit that accrues to the public generally as a result of the development of the point of the mountain state land. (b) "Family member" means a parent, spouse, sibling, child, or grandchild. (c) "Interest in real property" means every type of real property interest, whether recorded or unrecorded, including: (i) a legal or equitable interest; (ii) an option on real property; (iii) an interest under a contract; (iv) fee simple ownership; (v) ownership as a tenant in common or in joint tenancy or another joint ownership arrangement; (vi) ownership through a partnership, limited liability company, or corporation that holds title to a real property interest in the name of the partnership, limited liability company, or corporation; (vii) leasehold interest; and (viii) any other real property interest that is capable of being owned.

(a) "Direct financial benefit": (i) means any form of financial benefit that accrues to an individual directly as a result of the development of the point of the mountain state land, including: (A) compensation, commission, or any other form of a payment or increase of money; and (B) an increase in the value of a business or property; and (ii) does not include a financial benefit that accrues to the public generally as a result of the development of the point of the mountain state land.

(i) means any form of financial benefit that accrues to an individual directly as a result of the development of the point of the mountain state land, including: (A) compensation, commission, or any other form of a payment or increase of money; and (B) an increase in the value of a business or property; and

(A) compensation, commission, or any other form of a payment or increase of money; and

(B) an increase in the value of a business or property; and

(ii) does not include a financial benefit that accrues to the public generally as a result of the development of the point of the mountain state land.

(b) "Family member" means a parent, spouse, sibling, child, or grandchild.

(c) "Interest in real property" means every type of real property interest, whether recorded or unrecorded, including: (i) a legal or equitable interest; (ii) an option on real property; (iii) an interest under a contract; (iv) fee simple ownership; (v) ownership as a tenant in common or in joint tenancy or another joint ownership arrangement; (vi) ownership through a partnership, limited liability company, or corporation that holds title to a real property interest in the name of the partnership, limited liability company, or corporation; (vii) leasehold interest; and (viii) any other real property interest that is capable of being owned.

(i) a legal or equitable interest;

(ii) an option on real property;

(iii) an interest under a contract;

(iv) fee simple ownership;

(v) ownership as a tenant in common or in joint tenancy or another joint ownership arrangement;

(vi) ownership through a partnership, limited liability company, or corporation that holds title to a real property interest in the name of the partnership, limited liability company, or corporation;

(vii) leasehold interest; and

(viii) any other real property interest that is capable of being owned.

(2) An individual may not serve as a member of the board if: (a) the individual owns an interest in real property, other than a personal residence in which the individual resides, within five miles of the point of the mountain state land; (b) a family member of the individual owns an interest in real property, other than a personal residence in which the family member resides, located within one-half mile of the point of the mountain state land; or (c) the individual or a family member of the individual owns an interest in, is directly affiliated with, or is an employee or officer of a firm, company, or other entity that the individual reasonably believes is likely to participate in or receive compensation or other direct financial benefit from the development of the point of the mountain state land.

(a) the individual owns an interest in real property, other than a personal residence in which the individual resides, within five miles of the point of the mountain state land;

(b) a family member of the individual owns an interest in real property, other than a personal residence in which the family member resides, located within one-half mile of the point of the mountain state land; or

(c) the individual or a family member of the individual owns an interest in, is directly affiliated with, or is an employee or officer of a firm, company, or other entity that the individual reasonably believes is likely to participate in or receive compensation or other direct financial benefit from the development of the point of the mountain state land.

(3) Before taking office as a board member, an individual shall submit to the authority a statement verifying that the individual's service as a board member does not violate Subsection (2).

(4) A board member may not, at any time during the board member's service on the board, take any action to initiate, negotiate, or otherwise arrange for the acquisition of an interest in real property located within five miles of the point of the mountain state land.

(5) (a) The board may not allow a firm, company, or other entity to participate in planning, managing, or implementing the development of the point of the mountain state land if a board member or a family member of a board member owns an interest in, is directly affiliated with, or is an employee or officer of the firm, company, or other entity. (b) Before allowing a firm, company, or other entity to participate in planning, managing, or implementing the development of the point of the mountain state land, the board may require the firm, company, or other entity to certify that no board member or family member of a board member owns an interest in, is directly affiliated with, or is an employee or officer of the firm, company, or other entity.

(a) The board may not allow a firm, company, or other entity to participate in planning, managing, or implementing the development of the point of the mountain state land if a board member or a family member of a board member owns an interest in, is directly affiliated with, or is an employee or officer of the firm, company, or other entity.

(b) Before allowing a firm, company, or other entity to participate in planning, managing, or implementing the development of the point of the mountain state land, the board may require the firm, company, or other entity to certify that no board member or family member of a board member owns an interest in, is directly affiliated with, or is an employee or officer of the firm, company, or other entity.