Director interested not to act

Any director who has or acquires, directly or indirectly, by himself, his partner or his agent, act. (a) any share or interest in any contract made with, or in any work done for, the Corporation, or in any company or with any person or in respect of any undertaking with which the Corporation desires to contract; or (b) any beneficial interest in land proposed to be acquired, purchased, leased or otherwise dealt in or built on by the Corporation or which he knows to be affected or likely to be affected by any scheme made or proposed to be made under this Act, shall, before taking part in any proceedings at a meeting of the Board, relating to or affecting directly or indirectly any such contract or land, inform the person presiding at the meeting of the nature and extent of such interest, and such information shall be recorded in the minutes of the Board, and the director unless specifically authorised by the Chairperson, shall not vote upon any resolution or question relating to the contract, acquisition, purchase, lease, dealing, or scheme, or take part in any deliberation or decision relating thereto, or to matters incidental thereto. towns.