Each member of Council shall be a qualified elector of the municipality and shall have resided therein or in a territory annexed thereto for a period of at least two (2) years immediately prior to the date of filing his declaration of candidacy for such office and shall continue to reside therein during his term.
   Each Councilman elected, or appointed, to represent a ward shall be a continuous resident and qualified elector of the ward he represents, or territory annexed thereto, during his term of office.
   A member of Council shall hold no other public elective office or any other position within the municipal government.