Amendment status not verified — confirm the current text below against the official source.
Penalty to Councillors, officers and servants for improper interest in contracts, etc.--(I) If any Councillor, or any officer or servant of a Council, without the written permission of the Director, is directly or indlrectly interested in any contract made with such Council, he shall be deemed to have committed an offence under section 168 of XLVofld6I the Indian Penal Code. ( 2 ) A Councillor or an officer or servant of a Council shall not, by reason only of being a shareholderin, or a member of any company, or co- operative society, be deemed to be interested in any contract entered into between the company or the society and the Council.