§ 801. Conflicts of interest prohibited. Except as provided in section\neight hundred two of this chapter, (1) no municipal officer or employee\nshall have an interest in any contract with the municipality of which he\nis an officer or employee, when such officer or employee, individually\nor as a member of a board, has the power or duty to (a) negotiate,\nprepare, authorize or approve the contract or authorize or approve\npayment thereunder (b) audit bills or claims under the contract, or (c)\nappoint an officer or employee who has any of the powers or duties set\nforth above and (2) no chief fiscal officer, treasurer, or his deputy or\nemployee, shall have an interest in a bank or trust company designated\nas a depository, paying agent, registration agent or for investment of\nfunds of the municipality of which he is an officer or employee. The\nprovisions of this section shall in no event be construed to preclude\nthe payment of lawful compensation and necessary expenses of any\nmunicipal officer or employee in one or more positions of public\nemployment, the holding of which is not prohibited by law.\n
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