Section 72(b) in The Gujarat Municipalities Act, 1963
(b)any municipal officer or servant who knowingly acquires directly or indirectly any share or interest in any contract or, except in so far as concerns his own employment with, under, by or on behalf of a municipality of which he is an officer or servant, not being a share or interest such as under clauses (i) and (iv) of sub-section (3) of section 11 vt is permissible for a person to have without being thereby disqualified from becoming a councillor, shall be liable, on conviction before a criminal court, to fine which may extend to one thousand rupees.
