It shall be unlawful for the Town Council or any member thereof, or any other officer of the Town, to be interested personally, either directly or indirectly, or as a member, manager, officer or stockholder of any partnership, business, firm, or corporation, in any contract furnishing material, services or supplies to the Town, or to any contractor, or workmen for the Town, in any manner whatsoever, whereby the taxpayers of the Town shall become the paymaster, either directly or indirectly. Any violation of this section by any member of the Town Council or other officer of the Town shall be a misdemeanor, and upon conviction thereof, such member or officer shall be fined not less than fifty dollars ($50.00) nor more than five hundred dollars ($500.00) and shall automatically be removed from office.