Section 31(3) in The City of Nagpur Corporation Act, 1948
(3)For purposes of this section a person shall (subject as hereinafter in this sub-section provided) be treated as having indirectly a pecuniary interest in a contract or other matter, if -(a)he or any nominee of his is a member of a 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 other matter under consideration,(b)he is a partner, or member of the joint Hindu family or is in the employment of a person with whom the contract is made or is proposed to be made or who has a direct pecuniary interest, in the other matter under consideration :Provided that -(i)this sub-section shall not apply to membership of, or employment under, any public body;(ii)a member of a company or other body shall not, by reason only of his membership, be treated as being so interested if he has no beneficial interest in any shares or stock of that company or other body;(iii)no person shall be deemed to have any share or interest in a contract, grant or employment by reason only of his having any share or interest in-(a)any lease, sale or purchase of land or any agreement for the same; or(b)any agreement for the loan of money or any security for the payment of money only; or(c)any newspaper in which any advertisement relating to the affairs of the Corporation is inserted; or(d)any joint stock company which may enter into contract with or be employed by the Commissioner on behalf of the Corporation; or(e)the occasional sale to the [Commissioner] on behalf of the Corporation, to a value not exceeding in any one official year five hundred rupees, of any article in which he regularly trades.
