(1)

(a) Subject to paragraph (b), where a member of the staff of the IANS or 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 IANS or the subsidiary is a party, he or she shall -

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

(ii) 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 IANS or the subsidiary in relation thereto, and

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

(b) Paragraph (a) shall not apply to contracts, or proposed contracts, of employment of members of the staff of -

(i) the IANS with the IANS, or

(ii) a subsidiary with the subsidiary.

(2) A person who contravenes subsection (1) shall be guilty of an offence.