Non-participation of a member of he hold interest in any firm, etc.

(1) If the Board has entered into or is considering entering into any contract or agreement with any firm or company in which a member holds any share or interest, he shall disclose the fact and nature of such interest and he shall not be entitled to participate in any decision of the Board relating to such contract or agreement.

(2) Every disclosure referred t in sub-section (1) shall forthwith be recorded in the minutes and communicated to the Government, and the government may thereupon give such direction as it may deem proper.