Penalty for interest in contract or employment

Any Councillor who knowingly acquires directly or indirectly any share or interest in any contract or employment with, under, by or on behalf of the Council of which he is a member, not being a share or interest which it is permissible under section 35 to have without being thereby disqualified from being a Councillor, shall be liable to be punished with fine which may extend to five hundred rupees.