Notwithstanding anything in the definition of the term ‘contractor’ in subsection (1) of this section, no person shall be deemed to be a contractor for the purposes of this Act by virtue of his being interested in any contract made before his election as a member of Parliament, if, before the expiration of one month after the date of his election and before sitting as a member, he performs his obligations under the contract or by writing disclaims the contract; and any payment made thereafter by or on behalf of the Crown or the Government or any Department or agency of the Government in respect of the contract shall not operate to disqualify that person for continuing to hold office or be taken into account for the purpose of computing the amount that may be lawfully paid to him as a member of Parliament in the same financial year in respect of any contract or contracts.

Notwithstanding anything in any rule of law, any person elected as a member of Parliament who would be a contractor for the purposes of this Act by virtue of being interested in any contract made before his election shall be entitled to disclaim that contract at any time before the expiration of one month after the date of his election and before sitting as a member.”