The office of an elected officer of the City shall become vacant upon his death, resignation, or recall pursuant to Section 2 of Article VII hereof, and may be declared vacant by resolution of the Council if:
(a) He shall not be a qualified elector of the City;
(b) He shall not reside in the City, or shall not have resided in the City continuously for the period required by this Charter preceding his election;
(c) He shall have any material financial interest in any contract to which the City is a party; or
(d) He shall have been judicially declared incompetent.
(Approved by voters November 3, 1970.)