Section 40(2)(b) in Nagaland Municipal Act, 2001

[Cites 0, Cited by 0] [Section 40(2)] [Section 40] [Entire Act]

State of Nagaland - Subsection

Section 40(2)(b) in Nagaland Municipal Act, 2001

(b)A person shall not be deemed to have any interest in a contract or works such as is referred to in clause (i) of that sub-section by reason only of his having a share of interest in -

(i)Any lease, sale, exchange or purchase of immovable property or any agreement for the same; or

(ii)Any agreement for the loan of money or any security for the payment of money only; or

(iii)Any newspaper in which any advertisement relating to the affairs of the Municipal Council or Town committee is inserted; or

(iv)The sale to the Municipal Council or Town Council or to any Municipal authority or any officer or other employee of the Municipal Council or Town Council on behalf of the Municipal Council or Town Council, of any article in which he regularly trades or the purchase from the Municipal Council or Town Council or from any such authority, officer or other employee on behalf of the Municipal Council or town Council, of any article of a value in either case not exceeding five thousand rupees in the aggregated in any year during the period of the contract or work; or

(v)The letting out on hire to the Municipal Council or Town Council or the hiring from the Municipal Council or Town Council of any article of a value not exceeding two thousand rupees in the aggregate in any year during the period of the contract or work; or

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State of Nagaland - Subsection

Section 40(2)(b) in Nagaland Municipal Act, 2001