HomeMy WebLinkAbout80-562 FredendallTO:
DISCUSSION:
CONCLUSION:
STATE ETHICS COMMISSION
HARRISBURG, PA.
ADVICE OF CHIEF COUNSEL
February 26, 1980
Mr. Gordon L. Fredendall
Assistant Secretary- Treasurer
Upper Southampton Township
Board of Supervisors
939 Street Road
Southampton, Bucks County, PA 18966
RE: Information to be provided in Items 5 and 9 of
the Statement of Financial Interest.
FACTS:
Advice # 562
On August 3, 1979, Mr. Fredendall asked for specific
reporting requirements in Sections 5 and 9 of the Statement
of Financial Interest. He asked - as an example - whether
a dividend of $300.00 received from common stock was reportable.
Section 5, (b) requires that the name and address
of any person who is the direct or indirect source of
income totalling in the aggregate of $500.00 or more
be reported. Section 5, (b) Q ), requires that any
financial interest in any legal entity engaged in business
for profit be reported.
In regulations published in the Pennsylvania Bulletin
of February 9, 1980, the Commission proposes that only those
legal entities in which the official or employee has an in-
terest exceeding 5% of the equity of the business be reported
in Item 9.
Common stock dividends of $500.00 or more from one
company must be reported in Item 5 of the Financial Interest
Statement. Only a business interest which exceeds 5% of the
equity of the business, or if such financial interest is in- -
debtedness, equals or exceeds 5% of the assets of the business
must be disclosed in Item 9.
Pursuant to Section 70 )(ii), this advice is a complete
defense in any enforcement proceeding initiated by the
Commission, and evidence of good faith conduct in any other
civil or criminal proceeding, providing the
requestor has disclosed truthfully all the material facts
and committed the acts complained of in reliance on the
advice given.
A personal appearance before the Commission and a
formal opinion will be issued upon your request, if you
feel this reply does not suffice.
This letter is a public record and will be made
available as such.
DAVID RITTENHOUSE MORRISON
Chief Counsel