Penalty for acquisition by any councillor, the Commissioner

or any corporation officer of interest in contract or work.- If any councillor, the Commissioner or any corporation officer or servant knowingly acquires, directly or indirectly, by himself or in the name of any member of his family or by a partner or employer or servant any personal share or interest in any contract or employment with, by or on behalf of the corporation, he shall be deemed to have committed the offence punishable under section 168 of the Indian Penal Code, 1860. Provided that no person shall, by reason of being a shareholder in or member of a company be held to be interested in any contract between such company and the corporation unless he is a director of such company.