(1) No officer of a society shall have any interest. directly or indirectly otherwise than as such officer,
(a) in any contract made with or by the society ; or
(b) in any property sold or purchased by the society ; or
(c) in any other transaction of the society, except as investment made or as loan taken from the society or the provision of residential accommodation by the society to any paid employee of the society.
(2) No officer of the society shall purchase, directly or indirectly any property of a member of the society sold for the recovery of his dues to the society.
Rule 55* Subsection (2) are inserted by TCS (Fourth Amendment) Act 2011.
Maintenance and administration of Provident Fund.
Prohibition against being interested in contracts, etc.
35
58. In addition to the disqualification specified in section 66, no person shall be eligible for appointment or election as member of the committee of a society, if he has been held responsible under section 75 or section 88 or has been held responsible for payment of costs of enquiry under section
83.