No member of the Council nor any officer or employee shall have a financial interest in any municipal contract, or in a contractor supplying any land or rights or interests in any land, material, supplies or services, unless a majority of the Council determines an exception to be in the best interest of the municipality; provided, that no councilman whose interest is involved shall vote on the question. Any willful violation of this section shall constitute malfeasance in office, and any officer or employee found guilty thereof shall forfeit his office or position. Any violation of this section with the knowledge, express or implied, of the person or corporation contracting with the town shall render the contract voidable by the Council.
('86 Code, § 8.407)