Amendment status not verified — confirm the current text below against the official source.
(1) If a member of lhe Corporaiion has any pecuniary interest, director indirect, in any contract or proposed contract with or employment under or other mailer concerning the Corporation and is present al a meeting of lhe Corporation or of a committee thereof at which such contract or employment or other matter is the subject of considertion, he shall, as soon as practicable after the commencement of such meeting, disclose the fact, and shall nol lake part in the consideration or discussion of or vote on any question with respect lo such contract or employment or other matter; Provided that Lhe provisions of Lhis section shall not apply lo a member having interest as araLe-payeroran inhabitant of'[Kolkaia] oraconsumer of water or having an interesL in any maLicr relating to any civic service to the public. (2) For the purpose of lhis section a member shall be treated as having indirectly a pecuniary interest in a contract or employment or other matter, if he or his nominee is a member or any company or other body with which the contract is made or is proposed to be made or which has a direct pecuniary interest in the employment or other matter-under consideration, or if he is a partner in a firm with whieh(orisinemploymcni under a person with whom, the contract is made or is proposed to be made, or if such firm or person has a direct pecuniary interest in the employment or other matter under consideration: Provided that— (i) the provisions of Lhis sub-seciion shall nol apply lo a member who is a member of, or is in employment under, any public body; (ii) a member shall not, by reason of his membership of a Company or other body, be treated as having any pecuniary interest in such company or other body if he has no beneficial interest in any shares or slock of such company or other body. (3) In the case of a member who is married and lives with his spouse, the interest of one shall be deemed Forthe purpose of this section to be the interest of the other. Explanation.—For lhe purposes of this seclion and seclion 102, "company" shall mean any body corporate and shall include a firm or other association of individuals. Disclosure imcrcsi"'6^ notice lo lhe effect that he or his spouse is a member of a sped fied company or is a partner in a firm or is in the employment under a specified person,