New Jersey Acts Saved from Repeal ACTS SAVED 40 § 103-5(93)

23. (a) Any elected or appointed city officer having a direct or indirect personal interest in any city business shall immediately upon learning of such interest file written notice thereof with the mayor and with the body, board, commission or department head having jurisdiction of such business, provided, however, that if the mayor shall have such personal interest, he shall also file written notice with the city clerk.

(b) After written notice has been given in accordance with this section, no further action shall be taken on said city business with the interested officer, provided, however, that if by resolution it is determined that the welfare of the city requires the purchase of real property or any right, title or interest therein from the interested officer, or the taking of any other action, such city business may be conducted with the interested officer after full public disclosure thereof.

(c) Failure to comply with this section shall be cause for removal from office. The city council may be ordinance regulate limitations and procedures concerning city employees as to any personal interest of such employees in city business.