(1)

No person shall be qualified to be appointed or to be General Manager who has, directly or indirectly, by himself or his partner; any share or interest in any contract with, by or on behalf of, the corporation [* * * *] [The words 'or in any employment with, by or on behalf of, the corporation other than as General Manager' were deleted by Maharashtra 42 of 1977, Section 3(a).]

(2)

Any General Manager who shall acquire, directly or indirectly, by himself or by his partner; any share or interest in any such contract [* * *] [The words 'or employment' were, deleted by Maharashtra 42 of 1977, Section 3(b).] as aforesaid shall cease to be General Manager.

(3)

Nothing in this section shall apply to any such share or interest in any contract [* * *] [The words 'or employment' were deleted by Maharashtra 42 of 1977, Section 3(c).] with, by or on behalf of the corporation as under clauses (h) and (k) of sub-section (2) of Section 16, it is permissible for a councillor to have without his being thereby disqualified for being a councillor, or to any share or other interest in the Bombay Electric Supply and Tramways Company Limited.]