A member of the Board who has -
(a) any material or financial interest in any body corporate with which the Board proposes to make any contract, or
(b) any material or financial interest in any contract which the Board proposes to make,
shall disclose to the Board the fact of that interest and the nature thereof, and shall take no part in any deliberation or decision of the Board relating to the contract, and the disclosure shall be recorded in the minutes of the Board.