law: 461. Punishment for acquiring share or interest in contract, etc., with the Corporation.
  4[Anycouncillor or any person referred to in clause (b) of sub-section (3) of section 3 of any committee of the Corporation] who knowingly acquires, directly or indirectly, any share or interest in any contract made with, or any work done for, the Corporation not being a share or interest such as under section 9 it is permissible for a councillor to have without being thereby disqualified for being a councillor 5***, and the Commissioner, 6*** 7*** or any municipal officer or other municipal employee who knowingly acquires, directly or indirectly, any share or interest in any contract made with, or any work done for, the Corporation not being a share or interest such as under clause (i) of sub-section (1) of section 9 or sub- clauses (ii) and (iii) of clause (c) of sub-section (2) of that section it is permissible for a councillor 5*** to have, without being thereby disqualified for being a councillor 5***, shall be deemed to have committed the offence made punishable under section 168of the Indian Penal Code (45 of 1860).