Amendment status not verified — confirm the current text below against the official source.
Penalty for acquisition by an officer or servant of interest in contract.—Without prejudice to any action under section 77, if any officer or servant of a municipal council knowingly acquires, directly or indirectly by himself or by a partner, employer or servant, any personal share or interest in any contract or employment with, by or on behalf of the municipal council he shall be deemed to have committed an offence under section 168 of the Indian Penal Code: Provided that no person shall by reason of being a share-holder in or member of, any company, be held to be interested in any contract entered into between such company and the municipal council unless he is a director of such company.