No officer or employee of the City, elective or appointive, shall be interested, directly or indirectly, in any contract or job for work or for material, or supplies, or the profits thereof, for any purchase made for or sales made by, to or with the City, or own more than one percent (1%) of the stock in a corporation having any contract or subcontract, or doing contract, job or work, and all such contracts with such City officers or employees shall be void.