Section 14-47-115 - Prohibition against director interest in contracts(a)(1) A director of the city shall not be interested, directly or indirectly, in any contracts made with the city unless the board of directors of the city has enacted an ordinance specifically permitting a director to conduct business with the city and prescribing the extent of this authority.(2) The prohibition under subdivision (a)(1) of this section does not apply to contracts for the furnishing of supplies, equipment, or services to be performed for a municipality by a corporation in which no director holds any executive or managerial office, or by a corporation in which a controlling interest is held by stockholders who are not directors.(b) A director acting on any contract with the city in which he or she is interested or receiving any benefit in violation of this section is guilty of a violation and upon conviction shall be fined in any sum of not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000).Amended by Act 2023, No. 203,§ 7, eff. 8/1/2023.Acts 1921, No. 99, § 14; Pope's Dig., § 10102; Acts 1957, No. 8, § 8; 1983, No. 650, § 1; A.S.A. 1947, § 19-714.