Section 320.3 - Conflicts of Interest(a) A member of the Board, the Executive Director, the Chief Compliance Office, or staff of the Texas Space Commission or the Office of the Governor employee shall recuse himself or herself, as provided by §320.4 of this chapter (concerning Disclosure of Conflict Of Interest; Recusal), if the member or staff member, or an individual who is related to the member or staff member within the Second Degree of Affinity or Consanguinity, has a professional interest or financial interest in an entity receiving or applying to receive a grant from the Fund.(b) An individual has a financial interest in an entity receiving or applying to receive a grant from the Fund if the individual:(1) owns or controls, directly or indirectly, an ownership interest, including sharing in profits, proceeds, or capital gains, in an entity, or in a foundation or similar organization affiliated with an entity, receiving or applying to receive a grant from the Commission, unless the ownership interest is limited to shares owned through an investment in a publicly traded mutual fund or similar investment vehicle if the individual subject to this Chapter does not exercise any discretion or control regarding the investment of the assets of the fund or other investment vehicle; or(2) could reasonably foresee that an action or recommendation by the Board could result in a financial benefit to the individual.(c) An individual has a professional interest if the individual: (1) is a member of the board of directors, other governing board, or any committee of an entity or an organization affiliated with an entity receiving or applying to receive a grant from the Fund;(2) serves as an elected or appointed officer of an entity receiving or applying to receive a grant from the Fund or an organization affiliated with the entity;(3) is a staff member of, consultant for, or is negotiating future employment or a consulting arrangement with an entity receiving or applying to receive a grant from the Fund or an organization affiliated with the entity; or(4) represents in business or law, including actively seeking to represent, an entity receiving or applying to receive a grant from the Commission or an organization affiliated with the entity.(d) Notwithstanding anything to the contrary in this Chapter, if any notice, report, or disclosure required to be delivered under this Chapter would result in the communication going solely to an individual who holds a conflict of interest related to the matter being noticed, reported, or disclosed, the reporting individual shall instead deliver the notice, report, or disclosure to the first individual from the following list who does not hold a conflict of interest: (1) Chief Compliance Officer;(5) a member of the Board, in descending order of seniority, as determined by how long the member has continuously served on the Board.10 Tex. Admin. Code § 320.3
Adopted by Texas Register, Volume 49, Number 31, August 2, 2024, TexReg 5768, eff. 8/6/2024