(1) If a councillor has any pecuniary interest, direct or indirect, in any contract or proposed contract with or without employment, or other matter concerning the municipality, and is present at any meeting of the municipality or of a committee thereof at which such contract or employ-ment or other matter is subject of consideration, he shall, as soon as practicable after the commencement of such meeting, disclose the fact regarding such contract or employment or other matter, and shall not take part in the consideration or discussion of, or vote on, any question with respect to such contract or employment or other matter:
Provided that the provisions of this section shall not apply to a councillor for having interest as a tax-payer or inhabitant of the municipal area or consumer of water or having an interest in any matter relating to any civic service to the public.
(2) For the purpose of this section, a councillor shall be deemed to have an indirect pecuniary interest in a contract or employment or other matter, if he or his nominee is a member of any company or other body with which the contract is made or is proposed to be made or which has a direct pecuniary interest in the employment or other matter under consideration, or if he is a partner in a firm with which, or is in employment under a person with whom, the contract is made or is proposed to be made, or if such firm or person has a direct pecuniary interest in the employment or other matter under consideration:
Provided that: - >kj[k.M xtV ¼vlk/kkj.k½] o`gLifrokj 9 Qjojh] 2012 456
(a) the provisions of this sub-section shall not apply to a councillor who is a member of, or is in employment under, any public institution or organization under any law for the time being in force, and
(b) a councillor shall not, by reason of his membership of a company or other body, be treated as having any pecuniary interest in such company or other body if he has no beneficial interest in any share or stock of such company or other body.
(3) In the case of a councillor who is married and lives with his spouse, the interest of one shall be deemed, for the purposes of this section, to be the interest of the other.
Explanation -For the purposes of this section and section 81, "company" shall mean any body corporate, and shall include a firm or other association of individuals.