(1) A trustee of a trustee savings bank who has -

(a) an interest in a company or concern with which the bank proposes to make or has made a contract, or

(b) an interest in a contract which the bank proposes to make or has made,

or is a person with whom a person who has such an interest is connected shall disclose to the bank and to the other trustees at a meeting of the trustees the fact of the interest and the nature thereof and shall take no part in any deliberation or decision of any such meeting relating to the contract.

(2) A disclosure under this section shall be made at the earliest opportunity.

(3) A general notice given by a trustee of a trustee savings bank to the bank and to the trustees of the bank, at a meeting of the trustees, to the effect that he is a member of a specified company or firm and is to be regarded as interested in any contract that may, after the date of the notice, be made with the company or firm shall be deemed, for the purposes of subsection (1) to be a sufficient disclosure of the interest concerned.

(4) A disclosure made under subsection (1), and a notice given under subsection (3), to trustees of a trustee savings bank shall be recorded in the minutes of meetings of the trustees.

(5)