83. (1) A person who has directly or indirectly, by himself or his partner, a [share or interest, whether pecuniary or of any other nature] in a contract with, by, or on behalf of, a Municipality or in any employment with, under, by or on behalf of, a Municipality, other than as a municipal servant, shall be disqualified for being a servant of such Municipality.
(2) A municipal servant who shall acquire or continue to have, directly or indirectly, by himself or his partner, a [share or interest, whether pecuniary or of any other nature] in any such contract or employment as aforesaid shall cease to be a municipal servant, and his office shall become vacant.
(3) A municipal servant who knowingly acquires or continues to have, directly or indirectly, a [share or interest, whether pecuniary or of any other nature] in a contract or, except in so far as concerns his employment as a municipal servant, in any employment with, under, by, or on behalf of, a Municipality of which he is a servant., shall be deemed to have committed an offence under section 168 of the Indian Penal Code.
(4) Nothing in this section shall apply to any such share or interest in a contract or employment with, under, by, or on behalf of, the board as is referred to in clauses (b) (d) and (g) of sub-section (2) of section 82, or to any [share or interest, whether pecuniary or of any other nature] acquired or retained, with the permission of the [Prescribed Authority], in any lease, sale or purchase of land or buildings, or in any agreement for the same.