Penalty for acquisition of interest in contract by member, office bearer or servant

Penalty for acquisition of interest in contract by member, office bearer or servant - If any member, office bearer or servant of a Panchayat knowingly acquires, directly or indirectly, any personal share or interest in any contract or employment with, by or on behalf of the Panchayat, he shall be deemed to have committed an offence under section 168 of the Indian Penal Code, 1860 (45 of 1860): Provided that no person shall be deemed to have so acquired a share or interest in any such contract or employment by reason only of his being a shareholder in a joint stock company or a member of a co-operative society which enters into contract with or is employed by or on behalf of the Panchayat.