Interest in project prohibited; disclosure of interest.

No member or employee of the redevelopment agency shall acquire any interest, direct or indirect, in any redevelopment project or in any property included or planned to be included in any such project, nor shall the member or employee have any interest, direct or indirect, in any contract or proposed contract, for materials or services to be furnished or used in connection with the project. If any member or employee owns or controls an interest, direct or indirect, in any property included or planned to be included in any redevelopment project, the member or employee shall immediately disclose the same in writing to the agency and the disclosure shall be entered upon the minutes of the agency. Failure to so disclose the interest shall constitute misconduct sufficient to warrant removal.