54. Municipal officer or servant not to be interested in any contract with Corporation.

(a) has, directly or indirectly, by himself or his spouse or partner, any share or interest in any contract or employment with, by, or on behalf of the Corporation, other than an interest in land held on a lease from the Corporation, or is a director, secretary, manager or other salaried officer of an incorporated company which has any such share or interest; or
(b) has acted or is acting professionally in relation to any matter on behalf of any person having therein any such share or interest as aforesaid.