For the purpose of this subchapter, INTEREST shall mean direct or indirect pecuniary 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 code, a town official shall be deemed to have an interest in the affairs of:
(A) Any person in his or her immediate household;
(B) Any business entity in which the town official is an officer or director; and
(C) Any business entity in which the stock of, or legal or beneficial ownership of, in excess of 5% of the total stock or total legal or beneficial ownership, is controlled or owned directly or indirectly by the town official.
('85 Code, § 2-3a.7.) (Ord. 93-17, passed 10-14-93; Am. Ord. 07-04, passed 5-22-07)