Section 25(1) in The Calcutta Municipal Corporation Act, 1980
(1)If any officer or employee of the Corporation is habitually in debt or acquires directly or indirectly by himself or by any officer or employee of the Corporation any share or interest in any contract with or on behalf of the Corporation, such officer or employee shall be dismissed by his appointing authority :Provided that for the purpose of this sub-section, any debt owed by an officer or employee of the Corporation to a co-operative society or a body corporate constituted or established by or under any enactment in force for the time being shall not be taken into consideration :Provided further that nothing in this sub-section shall apply to the acquisition by an officer or employee of the Corporation of any share or interest in any company, incorporated under any enactment in force for the time being, which contracts with or is employed by the Corporation.
