Section 463: Penalty on member or 2Mayor acquiring interest in contract, etc.

A member or 2Mayor of a 3Corporation who, otherwise than with the permission in writing of the Prescribed, authority, 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 3Corporation, shall be deemed to have committed an offence under section 168 of the Indian Penal Code :\br @s 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 —\br @s (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 2Mayor, or\br @s (b) having a share in a joint stock company which shall contract with, or be employed by, or on behalf of, the 3Corporation, or\br @s (c) having a share or interest in a newspaper in which an advertisement relating to the affairs of the 3Corporation is inserted, or\br @s (d) holding a debenture or otherwise being interested in a loan raised by, or on behalf of, the 3Corporation, or\br @s (e) being retained by the 3Corporation as a legal practitioner, or\br @s (f) having a share or interest in the occasional sale of an article in which he regularly trades to the 3Corporation to a value not exceeding, in any one year, such amount as the 3Corporation, with the sanction of the State Government, fixes in this behalf, or\br @s (g) being a partly to an agreement made with the 3Corporation for the supply of water for charges.\br @s