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10 <br />addressing the issue of conflict of interests. It starts off by <br />stating that "(a) a municipal employee who has a financial inter- <br />est directly, or indirectly in a contract made by a municipal agency <br />of the same city or town, in which the city or town is an interested <br />party of which financial interest he has -knowledge or has reason to <br />know, shall. 'be punished by a fine of not more than $3000 or by im- <br />prisonment for not more than two years, or both. <br />The: foregoing language is quite clear and operates to prevent <br />any municipal employee from maintaining any financial interest di- <br />rect or indirect in any contract made by the town. It presumes <br />that the municipal employee must have knowledge or have -reason to <br />know of the financial interest and the existence of the contract <br />itself. <br />In order to abrogate the harshness of this universal rule of <br />exclusion, the General Court made some exceptions as follows: <br />'This Section shall not apply (a) to a municipal employee <br />who in good, faith and within thirty days after he learns <br />of an actual or prospective violation of this section <br />makes full. disclosure of his financial interest to the <br />contracting agency and terminates or disposes of the <br />interest, or (b) to a municipal employee who does not <br />participate in or have official responsibility for any <br />of the activities of the contracting agency, if the <br />contract is made through competitive bidding and his <br />direct and indirect interest and those of his immediate <br />family in the corporation or other commercial entity <br />with. which the contract is made, do not in the aggregate <br />amount to 10% of the total. proprietary interest therein, <br />or (c) to a special municipal employee who does not par- <br />ticipate in or have official responsibility for any of <br />the activities of the contracting agency and who files <br />with the Clerk of the city or town a statement making <br />full. disclosure of his interest and the interest of his <br />immediate family in the contract, or (d) to a special <br />municipal employee who files with the Clerk of the city <br />or town a statement making full disclosure of his inter- <br />est and the interests of his immediate family in the <br />