No Revenue or Settlement-officer, and no person employed in any Revenue or Settlement office, shall, except with the express permission of the Chief Commissioner,—
(a) engage in trade, or be in any way concerned, directly or indirectly, in any commercial transaction, or in the purchase or hiring of land, in the district to which he is appointed, or in which he is employed;
(b) purchase or bid for, either in person or by agent, in his own name or in that of another, or jointly or in shares with others, any property which may be sold by order of any Revenue-authority in such district.
The Chief Commissioner may delegate to Commissioners of divisions or to Deputy Commissioners the power of granting the permission mentioned in this section in the case of any specified class of officers.
Nothing in this section shall be deemed to preclude any person from becoming a member of a company incorporated under the Indian Companies Act, 1866.