As used in this subchapter, the following terms shall have the meanings indicated:
BUSINESS ENTITY. Any business, proprietorship, firm, partnership, person in representative or fiduciary capacity, association, venture, trust or corporation which is organized for financial gain or for profit.
CITY OFFICIAL. The Mayor, members of the City Council, City Manager, City Attorney, department heads, and citizen members of all boards and commissions of the city of Goldsboro.
IMMEDIATE HOUSEHOLD. The city official, his or her spouse, and all children of the city official.
INTEREST. Direct or indirect pecuniary or material benefit accruing to a city official as a result of a contract or transaction which is or may be the subject of an official act or action by or with the city. For the purpose of this subchapter a city official shall be deemed to have an interest in the affairs of:
(1) Any person in his or her immediate household, as such term is defined in this section;
(2) Any business entity in which the city official is an officer or director; or
(3) Any business entity in which in excess of 10% of the stock of, or legal or beneficial ownership of, is controlled or owned directly or indirectly by the city official.
OFFICIAL ACT or ACTION. Any legislative, administrative, appointive or discretionary act of any city official.
('70 Code, § 2-169)