Section 54. Penalty for acquiring share or interest in contract, etc. with the Board

If the Chairman or any member of the Board acquires, directly or indirectly, by himself or by any partner, employer or employee, any share or interest whether pecuniary or of any other nature, in any contract or employment with, by or on behalf of the Board, not being a share or interest which does not disqualify for being chosen or continuing as Chairman or member; or If any officer or servant of the board acquires, directly or indirectly, by himself or by any partner, employer or employee, any share or interest, whether pecuniary or of any other nature, other than a share or interest mentioned in clause (a) or clause (b) of sub-section (2) of section 7, in any contract, or, except in so far as concerns his employment as such officer or servant, in any employment with, by or on behalf of the Board.