Section 93. Provision against servant being interested in contracts

(1) A person who has, directly or indirectly, by himself or his partner, a share or interest in a contract with, by or on behalf of, a Board or in any employment with, under, by or on behalf of a Board, otherwise than as a servant of the Board, shall be disqualified for being a servant of such Board. (2) A servant of the Board who acquires, or continues to have, directly or indirectly, by himself or his partner, a share or interest in any such contract or employment as aforesaid shall cease to be a servant of the Board and his office shall become vacant. (3) A servant of the Board who knowingly acquires or continues to have directly or indirectly a share or interest in a contract or except in so far as concerns his employment as a servant of the Board, in any employment with, under, by or on behalf of, a Board of which he is a servant, shall be deemed to have committed an offence under section 168 of the Indian Penal Code. (4) Nothing in this section shall apply to any such share or interest in a contract or employment with, under by, or on behalf of the Board as is referred to in clauses (b) and (d) of the proviso to section 33 or to any share or interest acquired or retained with the permission of the Director of Local Bodies in any lease, sale or purchase of land or buildings or in any agreement for the same.