Bidding prohibited

(1) No employee or officer of the corporation having any duty to perform in connection with the sale of movable or immovable property by or on behalf of the corporation under this Act shall directly or indirectly bid for or acquire interest in any property sold at such sale. (2) Any person who contravenes the provisions of sub-section (1) shall be punished with fine which may extend to Rs. 500 and shall also be liable to dismissal from service.