No public official or employee of a municipality or board or commission thereof, and no commissioner or employee of a housing authority or urban renewal agency which has been vested by a municipality with urban renewal project powers under section 40-58-15 shall voluntarily acquire any interest, direct or indirect, in any development or renewal project, or in any property included or planned to be included in any development or renewal project of the municipality or in any contract or proposed contract in connection with the development or renewal project. If the acquisition is not voluntary, the interest acquired must be immediately disclosed in writing to the governing body and the disclosure must be entered upon the minutes of the governing body. If an official, commissioner, or employee presently owns or controls, or owned or controlled within the preceding two years, any interest, direct or indirect, in any property which that official, commissioner, or employee knows is included or planned to be included in a development or renewal project, that official, commissioner, or employee shall immediately disclose this act in writing to the governing body, and the disclosure must be entered upon the minutes of the governing body, and any such official, commissioner, or employee may not participate in any action by the municipality or board or commission thereof, housing authority, or urban renewal agency affecting the property. Any disclosure required to be made by this section to the governing body must be concurrently made to a housing authority or urban renewal agency which has been vested with urban renewal project powers by the municipality pursuant to the provisions of section 40-58-15. A commissioner or other officer of any housing authority, urban renewal agency, board, or commission exercising powers pursuant to this chapter may not hold any other public office under the municipality other than the commissionership or office with respect to the housing authority, urban renewal agency, board, or commission. Any violation of the provisions of this section constitutes misconduct in office.