An officer or an employee shall not be deemed to be interested in a contract if his interest is:
A. The ownership of less than three percent of the shares of a corporation for profit; or
B. That of a nonsalaried officer of a nonprofit corporation; or
C. That of an officer in being reimbursed for his actual and necessary expenses incurred in the performance of official duty. (2630.1 -- Ord. 890 § 1 (part), 1957).