§ 11-7. Prohibited interest.

For the purposes of §§ 11-2, 11-4 and 11-5 of this code, an officer or employee shall be deemed to have a prohibited interest when he, his spouse, parents, children, grandchildren or spouse of a child or grandchild is interested or is an officer, director, partner or employee or shareholder of a firm, partnership, corporation or association which is interested in any business or professional dealings with the village, or any agency thereof, or in any matters being considered by the village, or an agency thereof, or has an agreement whereby he or it may receive payment or benefit, whether or not for services rendered, which is dependent or contingent on the favorable approval of any application or petition, or any other matter by the village or agency thereof. Ownership of less than 5% of stock of a corporation which is listed on the New York or American Stock Exchanges shall not constitute an interest within the definition of this section.