(1) A member of the Board who has -

(a) any interest in any body or concerns with which the Authority has made a contract or proposes to make a contract, or

(b)any interest in any contract which the Authority has made or proposes to make,

shall disclose to the Board the fact of such interest and the nature thereof, and shall not be present at any deliberation or decision of the Board relating to the contract.

(2) Where at a meeting of the Board 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 Board member present at the meeting who otherwise than in his or her capacity as such a Board member is in any way, whether directly or indirectly, interested in the matter -

(i) shall at the meeting disclose to the Authority the fact of such interest and the nature thereof,