(A) No members of the Trustees of the Town of Kouts or other town officers shall become surety on the bond of any town officer appointed or other person required by law to give a bond, payable to the State of Indiana for the faithful performance of any duty, office or trust.
(B) No member shall, directly or indirectly, be interested in any contract or agreement with the town, for any matter, cause or thing, by which any liability or indebtedness is created against the town or shall purchase any bond, order, claim or demand, whatever, against the town for a less sum than the amount specified therein.
(`77 Code, § 10.10)