Penalty for acquisition by Municipal officer or servant of interest in contract or work.

If any Municipal Officer, or servant knowingly acquires, directly or indirectly, by himself or by partner or employer or servant, any share or interest in any work done for the Municipality or in any contract or employment with, by or on behalf of the Municipality he shall be deemed to have committed an offence under section 168 of the Indian Code: Provided that no person shall, by reason of being a share-holder in, or a member of any company, they held to be interested in any contract entered into between such company and the Municipality.