48. [ Penalty on member, officer or servant being interested in any contract made with a committee. [Substituted for the old sub-section by Punjab Act No. 3 of 1933.]
(1)If any member, officer or servant of a committee or of a joint committee, without the previous permission in writing of the [Deputy Commissioner] voluntarily renders himself interested in any contract made with that committee, or if within one month of his becoming interested in any such contract he neither resigns or obtains the permission in writing of the [Deputy Commissioner] [Substituted by Punjab Act No. 34 of 1953, Schedule II, for 'Commissioner'.] for his remaining a member, officer or servant of the committee in spite of his interest in such contract, he shall be deemed to have committed an offence under Section 168 of the Indian Penal Code :Provided that for the purposes of this sub-section a person who has been elected but whose election has not been notified shall be deemed to be a member.](2)No member, officer or servant of a committee or a joint committee shall by reason only of his being a shareholder, in, or a member of, any incorporated or registered company, be held to be interested in any contract entered into between the said company and the committee ; or joint committee but no such person as aforesaid shall take part in any proceedings of the committee or joint committee relating to any such contracts.Privileges and Liabilities
