Section 33: Penalty on a member acquiring interest in contract etc

A member of the Board who otherwise than with the permission in writing of the Director of Local Bodies, knowingly acquires or continues to have, directly or indirectly, by himself or his partner, any share or interest in any contract or employment with, by or on behalf of the Board shall be deemed to have committed an offence under section 168 of the Indian Penal Code: Provided that a person shall not be deemed for the purposes of this section to acquire, or continue to have, any share or interest in a contract or employment by reason only of his - (a) having a share or interest in any lease, sale or purchase of land or buildings or in any agreement for the same, provided that such share or interest was acquired before he became a member, or (b) having a share in a Joint Stock Company which shall contract with, or be employed by or on behalf of the Board, or (c) having a share or interest, in a newspaper in which an advertisement relating to the affairs of the Board is inserted, or (d) holding a debenture or otherwise being interested in a loan raised by or on behalf of the Board, or (e) being retained by the Board as a legal practitioner, or (f) having a share or interest in the occasional sale to the Board of an article in which he regularly trades up to a value not exceeding in any one year such amount as the Board with the sanction of the State Government fixes in this behalf.