If the Adhyaksh or any member of the Board acquires, directly or indirectly, by himself or by any partner, employer or employer or employee, any share or interest, pecuniary or of any other nature, in any contract or employment with, by or on behalf of the Board, not being a share or interest which does not disqualify for being chosen or continuing a Adhyaksh or member, or
if any officer or servant of the Board acquires, directly or indirectly, by himself or by any partner, employer or employee, any share or interest, whether pecuniary of any other nature, other than a share or interest mentioned in clause (i) or clause (ii) of the proviso to Section 4, in any contract, or, except in so far as concerns his employment as such officer or servant, in any employment with, by or on behalf of the Board, he shall be punishable with simple imprisonment for a term which may extend to one year, or with fine or with both.