(1) Where a member of the staff of the Authority or a subsidiary or a consultant or adviser to the Authority or to a subsidiary has an interest, otherwise than in his or her capacity as such a member, in any contract, agreement or arrangement, or proposed contract, agreement or arrangement, to which the Authority or the subsidiary is a party, he or she shall -

(a) disclose to the Authority or the subsidiary, as the case may be, his or her interest and the nature thereof,

(b) take no part in the negotiation of the contract, agreement or arrangement or in any deliberation by directors or members of the staff of the Authority or the subsidiary in relation thereto, and

(c) make no recommendation in relation to the contract, agreement or arrangement.

(2) Subsection (1) does not apply to contracts, or proposed contracts, of employment of members of the staff of the Authority with the Authority or of a subsidiary with the subsidiary.

(3) Where a person to whom subsection (1) applies fails to comply with a requirement of that subsection then -