57. Prohibition against being interested in contracts etc
(1) No officer of a society shall have any interest, directly or indirectly otherwise than as such Officer;—
(a) in any contract made with or by the society; or
(b) in any property sold or purchased by the society; or
(c) in any other transaction of the society, except as investment made or as loan taken from the society or the provision of residential accommodation by the society to any paid employee of the society.
(2) No officer of the society shall purchase, directly or indirectly, any property of a member of the society sold for the recovery of his dues to the society.