Penalty for acquisition by officer or servant of interest in contract.

280. Penalty for acquisition by officer or servant of interest in contract. - If any member, officer or servant of a Grama Panchayat, Taluk Panchayat or Zilla Panchayat knowingly acquires for himself directly or indirectly, by himself or by a partner, employer or servant, any share or interest in any contract or employment with, by or on behalf of a Grama Panchayat, Taluk Panchayat or Zilla Panchayat he shall, on conviction, be punished with f ine which may extend to five hundred rupees: Provided that no person shall, by reason of being a shareholder, in or member of, any company, be held to be interested in any contract entered into between such company and the Grama Panchayat, Taluk Panchayat or Zilla Panchayat unless he is a Director of such company: Provided further that nothing in this section shall apply to any person who, with the sanction of the Commissioner, enters into a contract with a Grama Panchayat, Taluk Panchayat or Zilla Pancha yat.