Penalty for acquisition by municipal officer of interest in contract or work

If the commissioner or any municipal officer or servant knowingly acquires, directly or indirectly, by himself or by a partner or employee 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 (Central Act XLV of 1860) : Provided that no person shall, by reason of being a shareholder in, or member of, any company, be held to be interested in any contract between such company and the corporation unless he is a director of such company : Provided further that nothing in this section shall apply to a teacher employed by the council, who, with the sanction of the Government is to enter into a contract with the council with regard to the utilization for the purpose of a school of any land or building owned by him or in which he has a share or interest.