(1) No person, other than a member of the Legislative Assembly of the National Capital Territory of Delhi, shall be disqualified for being nominated as a member of the Council on the ground that he holds an office of profit for purposes of election to the legislature of the National Capital Territory of Delhi under any law for the time being in force.
     (2) If a person sits or votes as a member of the Council when he knows that he is not qualified or that he is disqualified for such membership, he shall be liable in respect of each day on which he so sits or votes to a penalty of three hundred rupees to be recovered as an arrear of tax under this Act.