Answer: A code of conduct for elected members is essential for a true democracy. It sets out the expectations for the behavior of elected members and provides guidance for their actions. This helps to ensure that elected officials are held to the highest standard of ethical behaviour and that they are accountable for their actions.

Significance of Code of Conduct for the elected members for realizing the true ideals of democracy:

• Establishes Transparency: If elected members are transparent in their actions, decisions and dealings the public will be aware of the decisions made by the elected members and that they have access to information on the activities of the elected members.
• Encourages Accountability: A code of conduct ensures accountability of the elected members for their actions. This encourages them to act responsibly and can help to prevent corruption and misuse of power.
• Promotes Ethics: Elected members adhere to ethical standards in their decision-making and dealings. This helps to promote fairness and justice and ensures that the elected members are not taking advantage of their positions for personal gain. 
• Improves Governance: Elected members are acting responsibly and are properly governing the country. This can help to ensure that the public’s needs and concerns are being addressed, that the government is working efficiently and effectively, and that the country is being run in the best interest of its citizens. 

 Ethical framework for such a code of conduct:

• Abide by the law: Elected members should always abide by the law, whether that is local, state, or federal laws.
• For example, elected members should not break campaign finance laws or violate any other laws when running for office or once in office.
• Maintain integrity: Elected members should always act with integrity and be honest in all their actions.
• For example, elected members should not accept any gifts from lobbyists or special interests that could create a conflict of interest.
• Follow ethical standards: Strive to follow ethical standards in their public and private lives.
• For example, elected members should not use their office for personal gain or to benefit themselves or their family members.
• Be transparent: Elected members should always be transparent in their actions and be willing to share information with their constituents.
• For example, elected members should make all their financial records and decisions publicly available to ensure full transparency. 

The code of conduct serves to ensure that elected members honour their oath of office by exercising their authority responsibly and without bias. It also helps to ensure that elected members act in the best interest of the public, rather than in their own personal interest. They should act in a manner that is consistent with the principles of democracy and uphold the ideals of justice, equality and fairness.