Each elective officer of the Municipality shall be a qualified elector of the Municipality and shall have resided in the Municipality, or in territory annexed thereto, or in the ward in which the candidate is seeking office, for a period of at least two (2) continuous years immediately preceding the date of election and shall continue to reside in the applicable area of the Municipality for which the officer was elected during said term; shall hold no incompatible office under the National, State or County government, not have any financial interest in any contract to which the Municipality is a party, or in any expenditure of money by the Municipality other than fixed compensation and traveling or other expenses incidental to the authorized furtherance of the interests of the Municipality. (Amended 11-7-00; 11-8-05; 11-2-10; 11-3-20)