The Mayor shall be an elector of the City and shall have been, immediately prior to the date of filing his declaration of candidacy, a continuous resident of the municipality for three years. During his term of office he shall continue to be a resident and qualified elector. He shall have his office in City Hall and shall devote his entire time and effort during business hours and such other times as are necessary, to properly conduct the business of the City. He shall not conduct any business with the City or hold any other public office or be publicly employed except that he may be a Notary Public or a member of the State Militia or Reserve Corps of the United States. If the Mayor shall cease to possess any of the qualifications for such office, he shall forthwith forfeit his office.