Section 47. Disqualification of members and employees

No member or employee
  of  the  Utica  transit authority should have any interest, financial or
  otherwise, direct or indirect, or engage in any business or  transaction
  or professional activity or incur any obligation of any nature, which is
  in  substantial conflict with the proper discharge of his duties, in the
  public interest.  If  any  member  or  employee  of  the  Utica  transit
  authority  owns  or controls an interest, financial or otherwise, direct
  or indirect, in any property included in any project, which was acquired
  prior to his appointment or employment, he shall disclose such  interest
  and  the  date  of  acquisition  thereof in writing to the Utica transit
  authority prior to such appointment and such disclosure shall be entered
  upon the minutes of the Utica transit authority.