Each successful and unsuccessful candidate for Council shall file with the Clerk of the Municipality an exact copy of the statement of receipts and expenditures required by law to be filed with the Board of Elections of Franklin County and shall do so on or before the date required by State law for filing with the Board of Elections. In addition to such other penalties as may be prescribed by State law, failure to file such statement with the Clerk of the Municipality shall disqualify a successful candidate from receiving the oath of office or from continuing in office if said oath of office has been administered.