(1) Where at a meeting of the Authority any of the following matters arise, namely -

(a) an arrangement to which the Authority is a party or a proposed such arrangement, or

(b) a contract or other agreement with the Authority or a proposed such contract or other agreement,

then, any member of the Authority present at the meeting who has a material interest in the matter, otherwise than in his or her capacity as such a member, shall -

(i) at the meeting, in advance of any consideration of the matter, disclose to the Authority the fact of the interest and the nature of the interest,

(ii) neither influence nor seek to influence a decision relating to the matter,

(iii) absent himself or herself from any meeting or that part of the meeting during which the matter is discussed,

(iv) take no part in any deliberation of the Authority relating to the matter, and

(v) not vote on a decision relating to the matter.

(2) Where a member discloses a material interest in a matter under this section -