(A) Contracts; employee status prohibited. No member of the Council, during the term of office, shall be a salaried employee of the town, nor shall such member have any direct or indirect financial interest in any contract with the town. A “contract” shall for the purposes of this section include any arrangement or agreement pursuant to which any land, material, service or other thing of value is to be furnished to the town for a valuable consideration to be paid by the town or sold or transferred by the town.
(B) Stockholder in contracting firm prohibited. Ownership by a member of the Council or member of his or her family of securities of a corporation or of any beneficial interest in a partnership or firm with which a contract is made shall not be deemed to create a financial interest in such contract unless the aggregate amount of such securities in a corporation or interest in such partnership or firm so owned by such Council member and the members of his or her family shall amount to 10% of any class of the securities of such corporation or 10% ownership in such partnership or firm.
(C) Exceptions. This prohibition shall not extend to, nor include, minor incidental transactions as approved by the Council.
(D) Violation voids contract. Any violation of this section by persons contracting with the town shall render the contract voidable by the Town Manager or the Council or any citizen.
(Charter(1972) § 3.7)