247. Penalty for acquisition by an officer or servant of interest in contract work.
- If any officer or servant of a Panchayat knowingly acquires, directly or indirectly by himself or by a partner, employer or servant, any personal share or interest in any contract or employment with, by or on behalf of, the Panchayat, he shall be deemed to have committed an offence under section 168 of the Indian Penal Code (Central Act XLV of 1860):Provided that no person shall, by reason of being a shareholder in, or member of, any company, be held to be interested in any contract entered into between such company and the Panchayat unless he is a director of such company.
