Section 101(2) in The Calcutta Municipal Corporation Act, 1980
(2)For the purpose of this section a member shall be treated as having indirectly a pecuniary interest in a contract or employment or other matter, if he or his nominee is a member of any company or other body with which the contract is made or is proposed to be made or which has a direct pecuniary interest in the employment or other matter under consideration, or if he is a partner in a firm with which, or is in employment under a person with whom, the contract is made or is proposed to be made, or if such firm or person has a direct pecuniary interest in the employment or other matter under consideration:Provided that -(i)the provisions of this sub-section shall not apply to a member who is a member of, or is in employment under, any public body;(ii)a member shall not, by reason of his membership of a Company or other body, be treated as having any pecuniary interest in such company or other body if he has no beneficial interest in any shares or stock of such company or other body.
