No Councillor of a Nagar Panchayat or of a Council shall have without the written permission of the State Government, directly or indirectly, any share or interest in any contract, lease, sale or purchase of land or any agreement for the same or any kind whatsoever to which the Nagar Panchayat or Council is a party, or shall hold any office of profit under it, and if any Councillor shall have such share or interest or shall hold such office he shall thereby become disqualified to continue in office as a Councillor:
Provided that a Councillor shall not be so disqualified or liable by reason--
(a) of having a share or interest in--
(i) a contract entered into between the Nagar Panchayat or the Council, as the case may be, and any incorporated or registered company or any registered Co-operative Society of which such Councillor is a member or shareholder; or
(ii) any agreement for the loan of money, or any security for the payment of money only; or
(iii) any newspaper in which any advertisement relating to the affairs of the municipality is inserted; or
(b) of his being professionally engaged on behalf of the Nagar Panchayat or the Council, as the case may be, as a legal or medical practitioner and receiving a fee for services rendered in his professional capacity.