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No member of the Council or any officer or employee of the Municipality shall have a financial interest, direct or indirect or by reason of ownership of stock in any corporation (except as permitted by the laws of Ohio), in any contract or in the sale to the Municipality or to a contractor supplying the Municipality of any land or rights or interest in any land, material, supplies or services. Any willful violation of this section shall constitute malfeasance in office, any officer or employee of the Municipality found guilty thereof shall thereby forfeit his/her office or position. Any violation of this section with knowledge expressed or implied of the person or corporation contracting with the Municipality shall render the contract voidable by the Manager or the Council.
No contract or purchase shall be made by the Municipality with any person who has served as a member of Council or officer or employee of the Municipality within one (1) year next preceding the date of the awarding of such contract or the making of such purchase. No contract or purchase shall be made by the Municipality with any corporation, partnership or firm in which a person, who has served as a member of Council or officer or employee of the Municipality within one (1) year next preceding the date of the awarding of such contract or the making of such purchase, is an owner or beneficial owner of ten percent (10%) or more of the outstanding shares if a corporation, a general partner if a partnership or has a direct financial interest in profit as opposed to wages if a firm. This section has no application to contracts of employment with the Municipality.