Penalty for Member, Officer Or Employee Interested in a Contract Etc., with Municipality.-

(1) Any member who knowingly acquires, directly or indirectly, any share or interest in any contract or employment with, under, by, or on behalf of a Municipality of which he is a member, not being a share or interest such as under section 24, it is permissible for a person to have without being thereby disqualified for being member, shall be liable, on conviction before a criminal court, to a fine which may extend to five thousand rupees. (2) Any municipal officer or servant who knowingly acquires, directly or indirectly, any share or interest in any contract or, except in so far as concerns his own employment as municipal officer or servant, in any employment with, under, by or on behalf of a Municipality of which he is an officer or servant shall be liable, on conviction before a criminal court, to a fine which may extend to five thousand rupees and shall also be liable for disciplinary action in accordance with the rules applicable to him.