(1)No member, officer or servant appointed or employed under this Act shall in any way be interested directly or indirectly in any contract made with a Board.(2)If any such officer or servant is so interested or under colour of this office or employment accepts any fee or reward whatsoever other than his proper salary and allowances, the Board or, in the case of officers whose appointment is subject to the approval of the Government or of any Government officer, the Government may declare that he shall be incapable of holding or continuing in any office or employment under this Act.(3)Nothing in this section shall bar a criminal prosecution under section 75.Explanation. - A person shall not by reason only of being a shareholder in, or a member of, any incorporated or registered company, be deemed to be interested in any contract entered into between the company and the Board, but he shall not take part in any proceedings of the Board relating to any such contract.
