Each Member of the Council shall have resided in the Village one year preceding his/her election and be an elector of the Village and shall continue to be an elector of the Village throughout the term of office. No Member of the Council shall hold any other public office, have a vested interest in any contract with the Village, or hold employment with the Village, except that such a Member may be a notary public, a member of the state militia, or a volunteer firefighter of the Village, provided that such Member shall not receive any compensation for his/her services as a volunteer firefighter in addition to his/her regular compensation as a Member of the Council. Any Member who ceases to possess any such qualifications or who moves from the Village shall forfeit his/her office.