Section 8(1) in The Pepsu Townships Development Board Act, 1954
(1)No person, who directly or indirectly, by himself or by any partner, has any share or interest, in any contract with, by or on behalf of the Board, or in any business, industry or concern, connected with the construction and development of a township under this Act except as a share- holder (other than a director or managing agent) in an incorporated company, or holds any office or profit under the Board, shall become or continue to be a member of the Board :Provided that no such member shall be deemed to have any share or interest in any such contract by reason only of his being -(a)a share-holder in, or a member of, any incorporated or registered company with which any such contract has been entered into by the Board; or(b)a person to whom the Board has sold, leased, let out on hire or allotted any property.
