(1) If any member, officer or servant of a district or local board or joint committee appointed under this Act is, otherwise than with the permission in writing of the Commissioner, directly or indirectly interested in any contract made with that board or joint committee, he shall be deemed to have committed an offence under the Indian Penal Code, section 168.
     (2) A person shall not, by reason of being a shareholder in, or a member of, any incorporated or registered company, be held to be interested, in any contract entered into between the company and a board or committee; but he shall not take part in any proceedings of the board or committee relating to any such contract.