Punishment for acquiring share of interest in the contract, etc., with corporation

If any councillor, Corporation officer, or servant knowingly acquires, 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 52, for an officer or servant of the Corporation to have without being thereby disqualified from employment of the Corporation, he shall be punished with simple imprisonment for a term which may extend to one year or with fine or with both.