Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.7 of 2003. [Act No.11 of 1997] 19 (d) interested in a subsisting contract made with, or any work being done for, the Gram Panchayat, 34[Mandal Praja Parishad], 34[Zilla Praja Parishad] or any State or Central Government or the farmers‟ organisation: Provided that a person shall not be deemed to have any interest in such contract or work by reason only of his having share or interest in- (i) a company as a mere share-holder but not as a director; (ii) any lease, sale or purchase of immovable property or any agreement for the same; or (iii) any agreement for the loan of money or any security for the payment of money only; or (iv) any newspaper in which any advertisement relating to the affairs of the farmers‟ organisation is inserted. Explanation:- For the removal of doubts it is hereby declared that where a contract is fully performed it shall not be deemed to be subsisting merely on the ground that the Gram Panchayat, 34[Mandal Praja Parishad], 34[Zilla Praja Parishad], the farmers‟ organisation, the State or Central Government has not performed its part of the contractual obligations. (4) 35[A Chairman or Vice-Chairman or President or Vice-President] or a member of a Managing Committee shall also become disqualified to continue in office if he,-