HARRY HUGHES, Governor

3001

7-104. Retention of papers and documents by persons subject
to article.

Any person who is subject to the provisions of this
article shall obtain and preserve all accounts, bills,
receipts, books, papers, and documents necessary to complete
and substantiate any reports, statements, or records
required to be made pursuant to this article for 3 years
from the date of filing the report, statement or record
containing these items. These papers and documents shall be
available for inspection upon request by the Commission
after reasonable notice.

Article - Education

(a) In this section, an individual is considered to
have a direct financial interest in a contract or purchase
in which a county board is a party if the contract or
purchase is to be consummated between the county Board and:

(1) The individual, his spouse, or his dependent
child;

(2) Any firm, corporation, or association in
which the individual, his spouse, or his dependent child,
either jointly or severally, own, in total, more than 3
percent of the invested capital or capital stock; or

(3) Any firm, corporation, or association from
which the individual, his spouse, or his dependent child,
either jointly or severally, have received combined wages
salaries, or bonuses of an average of at least $5000 a year
over the 3 previous years.

(b)(1) Except as provided in this subsection, a
county superintendent may not have a direct or indirect
financial interest in any contract or purchase to which the
county board in his county is party.

(2) A county superintendent who knows or

reasonably may be expected to know that he has a direct or
indirect financial interest in any contract or purchase in
which the county board in his county is or may be in any way
concerned, promptly shall disclose in writing this interest
to the State Superintendent and to the county board.

(3) If the transaction has been approved in
writing by the State Superintendent, and if disclosure is
made and the county superintendent disqualifies himself from
acting on the transaction on behalf of the county board, the
transaction may be completed if it involves:

(i) Making a deposit by the county board

in a bank in which the county superintendent has a

financial interest;