Texas Special District Local Laws Code 1053.156 – Disclosure of Financial Interest
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(a) In this section, “substantial interest” has the meaning assigned by Section 171.002, Local Government Code.
(b) A manager or hospital official shall disclose any financial interest the person has in the sale or lease of a facility described by Section 1053.152 not later than the 30th day before the date of an election held under this subchapter.
Terms Used In Texas Special District Local Laws Code 1053.156
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) For purposes of this section, a person has a financial interest in the sale or lease if the person:
(1) has a substantial interest in a business entity involved in the sale or lease;
(2) is related within the second degree by consanguinity or affinity, as determined under Chapter 573, Government Code, to a person who has a substantial interest in a business entity involved in the sale or lease; or
(3) is a hospital official who will benefit financially from the sale or lease, other than from the continuation of a compensation package existing before the date of the sale or lease.