Member’s interest to be made known

(1) A member who is in any way, directly or indirectly, interested in a transaction or project of the Board shall disclose the nature of his interest at the first meeting of the Board at which he is present after the relevant facts have come to his knowledge. (2) A disclosure under sub-section (1) shall be recorded in the minutes of the meeting of the Board and, after the disclosure, that member — (a) shall not take part in any deliberation or decision of the Board with respect to that transaction or project; and (b) shall be disregarded for the purpose of constituting a quorum of the Board for such deliberation or decision. (3) No act or proceedings of the Board shall be questioned on the ground that a member has contravened this section.