Penalty for councillor being interested in any contract, etc., with the municipal council

Any councillor who knowingly acquires, directly or indirectly any share or interest in any contract or employment with, under, by or on behalf of, a municipal council not being a share or interest such as, under section 16, it is permissible for a person to have, without being thereby disqualified for being a councillor, shall be punished with fine which may extend to five hundred rupees.