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§ 801. Conflicts of interest prohibited. Except as provided in section
eight hundred two of this chapter, (1) no municipal officer or employee
shall have an interest in any contract with the municipality of which he
is an officer or employee, when such officer or employee, individually
or as a member of a board, has the power or duty to (a) negotiate,
prepare, authorize or approve the contract or authorize or approve
payment thereunder (b) audit bills or claims under the contract, or (c)
appoint an officer or employee who has any of the powers or duties set
forth above and (2) no chief fiscal officer, treasurer, or his deputy or
employee, shall have an interest in a bank or trust company designated
as a depository, paying agent, registration agent or for investment of
funds of the municipality of which he is an officer or employee. The
provisions of this section shall in no event be construed to preclude
the payment of lawful compensation and necessary expenses of any
municipal officer or employee in one or more positions of public
employment, the holding of which is not prohibited by law.

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