§ 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.