No person holding any elective or appointive office of the city shall take any official action on any city contract in which he shall have a direct personal interest in the profits to be derived therefrom or be a bondsman or surety on any contract or bond given to the city.  The provisions for handling this shall be in accordance with Act 317 of the Public Acts of 1968, as amended.  Any officer violating the provisions of this section shall be deemed guilty of misconduct in office and upon conviction shall forfeit his office.
Statutory reference:
   Public Act 317 of 1968, see M.C.L.A. §§ 15.321 et seq.