Amendment status not verified — confirm the current text below against the official source.
If any officer or employee [or member of] a Panchayat 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 Panchayat, 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 Panchayat unless he is a director of such company: [x x x x] Substituted by Act 13 of 1999, w.e.f. 24/03/1999. Second proviso omitted by Act 13 of 1999, w.e.f. 24/03/1999.