Section 22 - Permissible relations(1) Notwithstanding any rule at common law or any provision of any general, special or local law, the corporation may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any person, corporation, trust, association, partnership or other entity which is a member of the corporation and/or in which any director of the corporation has a financial interest, direct or indirect, provided that such interest is disclosed in the minutes of the corporation and provided further that no director having such a financial interest may participate in any decision affecting such transaction.N.Y. Urban Development Research Corporation Act § 22