SECTION 1. Subsection (d) of section four of Act Numbered Nineteen hundred and sixty-three, entitled "An Act to incorporate the city of Baguio and for other purposes," is hereby amended to read as follows:
"(d) No city officer or employee shall be directly or indirectly interested in any city contract work, or in any business transaction with the city whereby money is to be paid directly or indirectly out of the revenues of the city to such person, or in any games and amusements licensed by the city, or in any business of the city, or in the purchase of any real estate or any other property belonging to the city. Any officer or employee violating the provisions of this subsection shall, after hearing, be removed from office by the appointing officer, and upon trial and conviction in a court of competent jurisdiction, shall be punished by a fine of not more than one thousand pesos, or by imprisonment for not more than two years, or by both such fine and imprisonment, in the discretion of the court."