§ 4. Officer or employees to have no interest in any City contract.

No officer or employee of the City, elective or appointive, shall be interested, directly or indirectly, in any contract or job for work or for material, or supplies, or the profits thereof, or any purchase made for or sales made by, to or with the City, or own stock in any corporation, having any contract or subcontract, for doing any contract, job or work, and all such contracts with such City officers or employees shall be void, and the violation of this clause shall be deemed a sufficient cause for the removal from office or employment, of such officer or employee. For purposes of this section, the phrase "interested, directly or indirectly" shall also apply to a spouse, and shall embrace any ownership interest greater than five per cent (5%).