The penalty of arresto mayor in its medium period to prisión correccional in its minimum period, or a fine ranging from Forty thousand pesos (₱40,000) to Two hundred thousand pesos (₱200,000), or both, shall be imposed upon a public officer who directly or indirectly, shall become interested in any contract or business in which it is his official duty to intervene.
This provision is applicable to experts, arbitrators and private accountants who, in like manner, shall take part in any contract or transaction connected with the estate or property in appraisal, distribution or adjudication of which they shall have acted, and to guardians and executors with respect to the property belonging to their wards or estate.