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

If a member or office bearer or servant of Panchayat knowingly acquires, directly or indirectly any personal share or interest in any contract or employment with, by or on behalf of a Panchayat without the sanction of or permission of the prescribed authority, he shall be deemed to have committed an offence under section 168 of the Indian Penal Code, 1860 (45 of 1860).