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An elected borough officer may not participate in any official action in which he or a member of his immediate family has a substantial financial interest unless after disclosure of the interest his participation is approved by a majority of the body. This prohibition shall be implemented in the manner provided by law, including provision for public disclosure of substantial financial interests of assembly members, school board members, and members of regulatory, appellate and quasi-judicial boards and commissions. The assembly by ordinance shall adopt procedures dealing with nepotism and conflict of interest on the part of borough employees.