A member of the Authority who is in any way, whether directly or indirectly, interested in -

(a) any body corporate with which the Authority proposes to make any contract, or

(b) any contract which the Authority proposes to make,

shall disclose to the Authority the fact of that interest and the nature thereof and shall take no part in any deliberation or decision of the Authority relating to the contract, and the disclosure shall be recorded in the minutes of the Authority.