| (a) Definitions. The following words and terms, when used in
this division, shall have the following meaning, unless the context clearly
indicates otherwise.
(1) Local public official--a member of the governing body of
a charter holder, a member of the governing body of a charter school, or an
officer of a charter school.
(2) Business entity--a sole proprietorship, partnership, firm,
corporation, holding company, joint-stock company, receivership, trust, agency,
political subdivision, or any other entity recognized by law.
(b) Substantial interest in business entity. For purposes of
this chapter, a person has a substantial interest in a business entity if:
(1) the person owns 10% or more of the voting stock or shares
of the business entity or owns either 10% or more or $15,000 or more of the
fair market value of the business entity; or
(2) funds received by the person from the business entity exceed
10% of the person's gross income for the previous year.
(c) Substantial interest in real estate. A person has a substantial
interest in real estate if the interest is an equitable or legal ownership
with a fair market value of $2,500 or more.
(d) Substantial interest through a relative. A local public
official is considered to have a substantial interest under this section if
a person related to the official in the third degree by consanguinity or affinity,
as determined under Government Code, §§573.021-573.025, and §100.1113
of this title (relating to Relationships By Consanguinity or By Affinity),
has a substantial interest under this section.
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