All members of Council, officers and members of boards or commissions shall publicly disclose on the official records of Council any direct or financial interest or other personal or private right he may have in any legislation pending before Council prior to its third reading or passage. Such disclosure shall deprive any member of Council of his right to vote on such legislation. The failure of any member of Council or any officer or member of a board or commission to make such disclosure shall not affect the validity of the legislation.