Directors, administrators and other employees of the fund are not allowed to take a contract lease with the fund or be a partner in such a contract lease. Explanation: The above officials and employees will be considered to be partners in the contract lease in the following cases:-(a) Any contract with the fund For having his name included as a partner in the lease on his own behalf or on behalf of the company of which he is the managing director or agent, or (b) for holding a share holder in a firm or private limited company that is a partner in the contract lease with the fund.