Penalty for officer or servant being interested in any contract, etc

Penalty for officer or servant being interested in any contract, etc.-Any Municipal Officer or servant who knowingly acquires, directly or indirectly any share or interest in any contract or except in so far as concerns his own employment as Municipal officer or servant, not being a share or interest such as, under clause (i) of section 35, it is permissible for a person to have without being thereby disqualified for being an officer or servant of such Council, shall be liable to be punished with fine which may extend to five hundred rupees.