Exemption of documentary material and data involving trade secrets, etc

from disclosure--Consideration in executive session. Any documentary material or data compiled or received by a municipal corporation, county, or an economic development corporation receiving municipal or county funds, for the purpose of furnishing assistance to a business, to the extent that such material or data consists of trade secrets or commercial or financial information regarding the operation of such business, is not a public record. Any discussion or consideration of such trade secrets or commercial or financial information by a municipal corporation or county may be done in executive session closed to the public. Source: SL 1998, ch 48 , § 1; SL 2004, ch 77 , § 1.