(a) Definitions. The following words and terms, when used in this division, shall have the following meaning, unless the context clearly indicates otherwise.(1) Local public official--A member of the governing body of a charter holder, a member of the governing body of a charter school, or an officer of a charter school.(2) Business entity--A sole proprietorship, partnership, firm, corporation, holding company, joint-stock company, receivership, trust, agency, political subdivision, or any other entity recognized by law.(b) Substantial interest in business entity. For purposes of this chapter, a person has a substantial interest in a business entity if:(1) the person owns 10% or more of the voting stock or shares of the business entity or owns either 10% or more or $15,000 or more of the fair market value of the business entity; or(2) funds received by the person from the business entity exceed 10% of the person's gross income for the previous year.(c) Substantial interest in real estate. A person has a substantial interest in real estate if the interest is an equitable or legal ownership with a fair market value of $2,500 or more.(d) Substantial interest through a relative. A local public official is considered to have a substantial interest under this section if a person related to the official in the third degree by consanguinity or affinity, as determined under Texas Government Code, §§573.021-573.025, and §100.1135 of this title (relating to Relationships By Consanguinity or By Affinity), has a substantial interest under this section.