Amendment status not verified — confirm the current text below against the official source.
(1) Any person who has, directly or indirectly, by himself or his partner, any share or interest in any contract with, by, or on behalf of the Corporation, or in any employment with, by, or on behalf of the Corporation, other than as a municipal officer or servant, shall be disqualified for being a municipal officer or servant. (2) Any municipal officer or servant who shall acquire, directly or indirectly, by himself or his partner, any share or interest in any such contract or employment as aforesaid shall cease to be a municipal officer or servant and his office shall become vacant. (3) Nothing in this section shall apply to any such share or interest in any contract or employment with, by, or on behalf of the Corporation as under sub-caluse (ii) or (iv) of clause (b) of sub-section (2) of section 10, it is permissible for a councillor to have, without his being therby disqualified for being a councillor. Explanation.— The expression “municipal officer” includes the Transport Manager appointed under section 40 and any person appointed to act for the Transport Manager under section 41.