BLAIR LEE III, Acting Governor

3299

to any particular State officer or employee or class thereof
with respect to any particular or class of transactions
involving the State, provided that said Board shall make a
finding in writing, that under all the circumstances, the
public welfare and interest in an officer's or employee's
participation exceeds the public interest in his
disqualification.

In any case where a State officer or employee must
disqualify himself under the provisions of this section, he
shall promptly notify his agency head, or, if he is an
agency head notify his appointing authority, and make a
written disclosure of his financial interest to such agency
head or appointing authority. A copy of such written
disclosure shall be sent to the Board of Ethics. The agency
head will thereupon relieve him of his duty and
responsibility in the matter, unless the Board of Ethics
makes a written determination that under the circumstances
the public welfare and interest in the officer's or
employee's participation exceeds the public interest in his
disqualification and provided that the State officer or
employee shall consent to such participation. A full
statement of the pertinent facts and of the Board's
determination of public welfare and interest under any
provisions of this section shall be kept on file by the
Board and shall be a public record.

Nothing in this section shall preclude a State officer
or employee from participating in (a) a contract with his
agency for the rendering or furnishing of public utility
services or any other service at a published rate
established or authorized by any federal, State, county, or
city regulatory agency where payments under the contract do
not exceed $1,000 and where the services supplied are usual
and necessary for the performance of the official duties of
the State officer or employee, or (b) transactions involving
the State with respect to the deposit of State monies in
bank depositaries where a fixed formula is utilized to
determine the precentage ratio of State monies to be
deposited in any given bank and where the officer or
employee does not participate in the fixing or amending of
the formula.

7.           EXCEPT FOR A STATE OFFICER OR EMPLOYEE WHO IS

REQUIRED BY LAW TO BE APPOINTED TO THE BOARD OR COMMISSION
OF A REGULATORY AGENCY AS THE REPRESENTATIVE OF THE BUSINESS
OR PROFESSION REGULATED BY SUCH AGENCY, NO STATE OFFICER OR
EMPLOYEE APPOINTED TO OR EMPLOYED BY A REGULATORY AGENCY
SHALL OWN A FINANCIAL INTEREST IN OR BE A DIRECTOR, TRUSTEE,
OFFICER, OR EMPLOYEE OF ANY ENTITY OR PERSON REGULATED BY
SUCH AGENCY.

THE BOARD OF ETHICS BY WRITTEN ORDER MAY SUSPEND THE
OPERATION OF THIS SECTION, IN WHOLE OR IN PART, AS TO ANY