Section 60C(3) in The Mumbai Municipal Corporation Act, 1888
(3)Nothing in this section shall apply to any such share or interest in any contract [* * *] [The words 'or employment' were deleted by Maharashtra 42 of 1977, Section 3(c).] with, by or on behalf of the corporation as under clauses (h) and (k) of sub-section (2) of Section 16, it is permissible for a councillor to have without his being thereby disqualified for being a councillor, or to any share or other interest in the Bombay Electric Supply and Tramways Company Limited.]
