Penalty for interest in contract or employment

Penalty for interest in contract or employment.- Any Councillor who knowingly acquires directly or indirectly any share or interest in any contract or employment with, under, by or on behalf of the Council of which he is a member, not being a share or interest which it is permissible under section 35 to have without being thereby disqualified from being a Councillor, shall be liable to be punished with fine which may extend to five hundred rupees.