(a) The Managing Director shall devote full time to the office; shall hold no elective public office; shall hold no other City office or City employment for which any compensation is paid or received; and shall hold no office in any political party or organization.
(b) A Managing Director who has a financial interest, direct or indirect, or by reason of ownership of stock, in any corporation, in any sale of land with the City or, in any contract with the City, shall immediately make known that interest to Council. A Managing Director who wilfully conceals such an interest shall be guilty of malfeasance in office. Violation of this section with the knowledge expressed or implied of the person or corporation contracting with or making a sale to the City shall render the contract or sale voidable by the City.
(c) The Managing Director shall refrain from participating in the debate and discussion of policy by City Council unless authorized by the Mayor, but may respond to inquiries on any matter under consideration.