(a) It shall be unlawful for Council or any member thereof, or any other officer of the City, to be interested personally, either directly or indirectly, or as a member, manager, officer or stockholder of any partnership, business, firm or corporation, in any contract furnishing material, services or supplies to the City, or to any contractor, or workmen for the City, or in any manner whatsoever, hereby the taxpayers of the City shall become the paymaster, either directly or indirectly.
(b) This shall apply to all situations except when goods and services are supplied (1) by competitive bid, (2) for nominal consideration, or (3) by a resolution of approval by Council.
(c) Any violation of this section by any member of Council or other officer of the City shall be a misdemeanor, and upon conviction thereof, such member or officer shall be fined not less than fifty nor more than five hundred dollars and shall automatically be removed from office.