18-8-308. Failing to disclose a conflict of interest.
Statute text
(1) A public servant commits failing to disclose a conflict of interest if he exercises any substantial discretionary function in connection with a government contract, purchase, payment, or other pecuniary transaction without having given seventy-two hours' actual advance written notice to the secretary of state and to the governing body of the government which employs the public servant of the existence of a known potential conflicting interest of the public servant in the transaction with reference to which he is about to act in his official capacity.
(2) A "potential conflicting interest" exists when the public servant is a director, president, general manager, or similar executive officer or owns or controls directly or indirectly a substantial interest in any nongovernmental entity participating in the transaction.
(3) Failing to disclose a conflict of interest is a class 2 misdemeanor.
History
Source: L. 71: R&RE, p. 461, 1. C.R.S. 1963: 40-8-308. L. 79: (1) amended, p. 744, 1, effective July 1.
Annotations
ANNOTATION
Annotations
Law reviews. For article, "Director Conflicts: The Effect on Disclosure -- Parts I and II", see 17 Colo. Law. 461 and 639 (1988). For article, "Conflicts of Interest in Government", see 18 Colo. Law. 595 (1989).
Section deals with formal, express contracts. Former section prohibiting interest in contract by officer had to do with such contracts as the officer is charged with the duty of making, and with those in the awarding of which he has a voice, or vote, and clearly means formal, express contracts, which are in terms agreed upon, or awarded on bids. People v. Brown, 60 Colo. 276, 152 P. 1169 (1915) (decided under former R.S. 08, 4994).