Penalty in case Councillors, executive officer, etc., having interest in a contract, etc., with the Nagar Panchayat or Council.

In a Nagar Panchayat or in a Council--

1. (a) subject to the proviso to section 59 any Councillor who acquires, directly or indirectly any share or interest in any contract or employment with, under, by or on behalf of a Nagar Panchayat or a Council of which he is a Councillor;
2. (b) any executive officer or employee who acquires directly or indirectly any share or interest in any contract with, under, by or on behalf of a Nagar Panchayat or a Council except in so far as it relates to his own employment as executive officer or an employee, shall be punishable with fine which may extend to five thousand rupees.