For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BUSINESS ENTITY. Any business, proprietorship, firm, partnership and person in a representative or fiduciary capacity, association, venture, trust or corporation, which is organized for financial gain or for profit.
IMMEDIATE HOUSEHOLD. The town official, spouses and all dependents of the town official.
INTEREST. Direct or indirect financial, fiscal, economic or material benefit accruing to a town 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 town. For the purpose of this policy, a town official shall be deemed to have an INTEREST in the affairs of:
(1) Any person in his or her immediate household, as the term is defined in this section;
(2) Any business entity in which the town official is an officer, manager or director;
(3) Any business entity in which in excess of 5% of the stock of, or legal or beneficial ownership of, is controlled or owned directly or indirectly by the town official; or
(4) Any nonprofit organization on which the town official currently serves as an officer, manager, director or board member.
OFFICIAL ACT OR ACTION. Any legislative, administrative, appointive or discretionary act of any town official.
TOWN OFFICIAL. The Mayor, members of the Town Board of Aldermen, town appointees to advisory boards.
(Ord. passed 5-11-2010)