Section 9-10-12
Officers of corporation not to be interested in contracts, etc.; penalty.
No officer of the corporation shall have any interest, directly or indirectly, in any contract awarded or to be awarded or in the profit to be derived therefrom. Any violation of this section shall constitute a misdemeanor and, upon conviction, shall work a forfeiture of office and shall be punishable by a fine not exceeding $500.00 or by imprisonment in the county jail not exceeding six months or by both fine and imprisonment.
(Acts 1965, No. 827, p. 1549, §13.)