No member of the Board of Water Commissioners, and no person appointed to any office, or employed by virtue of this chapter or of any act of the legislature, shall be interested, directly or indirectly, in any contract, bargain, sale, or agreement in relation to the waterworks, or any matter or thing connected therewith wherein the city is interested, and any and all contracts, bargains, sales, or agreements made in violation of this section shall be utterly void as to the city. Nothing in this section shall prohibit the use of the water to any person by paying the established rates therefor.
('71 Code, § 26-4) Penalty, see § 10.99