513. Penalty for acquisition by officer of Municipality of interest in contract or work.
- Where any officer or servant of a Municipality knowingly acquires directly or indirectly by himself or by a partner or employer or servant, any personal share or interest in any contract or employment with, by or on behalf of the Municipality he shall be deemed to have committed an offence under section 168 of the Indian Penal Code, 1860 (Central Act 45 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 Municipality unless he is a director of such company:Provided further that nothing in this section shall apply to a teacher, employed by a Municipality who, with the sanction of the Government enters into a contract with the Municipality with regard to the utilisation, for the purpose of a school, of any land or building owned by him or in which he has share or interest.
