Officers and other employees not to be interested in any contract etc. with Corporation.

(1) A person shall be disqualified for being appointed in the Corporation if he has, directly or indirectly, by himself or by a partner or any other person, any share or interest in any contract, made with, or any work being done for the Corporation, other than as an employee. (2) If any such officer or employee acquires, directly or indirectly, by himself or by a partner or any other person, any share or interest in any such contract or work as is referred to in sub-section (1), he shall, unless the authority appointing him in any particular case otherwise decides, be liable to be removed from his office by an order of such authority: Provided that before an order of removal is made such officer or other employee shall be given a reasonable opportunity of showing cause against the action proposed to be taken in regard to him.