Section 5(3) in The Mumbai Metropolitan Region Development Authority Act, 1974
(3)A member of the Authority, who has or acquires, directly or indirectly, any share or pecuniary or other interest in any contract, loan, arrangement or proposal entered into, or proposed to be entered into, by or on behalf of the authority, shall cease to be a member of the Authority:Provided that, a member shall not be deemed to have any such share or interest, by reason only of his being a shareholder of a public limited company concerned in any such contract, loan, arrangement or proposal or that he himself or any relation of his is employed by or on behalf of the Authority, or he has such share or interest in his capacity as a member of the Authority, or his property, or any property in which he has a share or interest, is or is being acquired or taken on lease by or on behalf of the Authority by agreement or according to any law for the time being in force.
