law: 60. Penalty in case Councillors, executive officer, etc, having interest in a contract, etc., with the Nagar Panchayat or Council.
  In a Nagar Panchayat or in a Council
  (a) subject to the proviso to section 59 any Councillor who acquires, directly or indirectly any share or interest in any contract or employment with, under, by or on behalf of a Nagar Panchayat or a Council of which he is a Councillor;
  (b) any executive officer or employee who acquires directly or indirectly any share or interest in any contract with, under, by or on behalf of a Nagar Panchayat or a Council except in so far as it relates to his own employment as executive officer or an employee, shall be punishable with fine which may extend to five thousand rupees.