The Council shall fix the place and time of holding its regular meetings; may provide for special and adjourned meetings; prescribe rules and regulations not inconsistent herewith for the transaction of business for its own guidance and government. The Council shall be presided over at its meetings by the Mayor, or in his absence, by one of the councilmen selected by a majority of the Council present, who may vote on any question as member of the Council. The Mayor shall have a vote in case of a tie, and in no case shall the presiding officer have more than one vote. A majority of the Council shall be necessary to constitute a quorum for the transaction of business. No member of the Council shall vote upon or take part in the consideration of any proposition in which he is or may be interested otherwise than as a resident of said City.