(1) In this section -
"meeting" means a meeting of the board of the Supervisory Authority or of a committee of its directors;
"specified matter" means - (a) an arrangement to which the Supervisory Authority is a party or a proposed such arrangement, or (b) a contract or other agreement with the Supervisory Authority or a proposed such contract or other agreement.
(2) Any director of the Supervisory Authority who is present at a meeting where a specified matter arises and who, otherwise than in his or her capacity as such a director, has a material interest in that matter shall -
(a) at the meeting disclose to the Authority the fact of the interest and its nature,
(b) absent himself or herself from the meeting or the part of the meeting during which the matter is discussed,
(c) take no part in any deliberations of the directors relating to the matter, and
(d) refrain from voting on any decision relating to the matter.
(3) Where a director discloses a material interest under t