Punishment for acquiring share or interest in contract, etc. with Corporation

-If any Councillor, Corporation Officer, or servant knowingly acquired, directly or indirectly by himself or a partner or employer or employee, any share or interest in any contract or employment with, by or on behalf of, the Corporation, not being a share or interest permissible under sub-section (3) of Section 59 for an officer or servant of the Corporation to have without being thereby disqualified from employment of the Corporation, he shall be punishable with simple imprisonment for a term which may extend to one year or with fine which may extend to one thousand rupees or with both.