Disclosure of interest and abstaining from voting

(1) It shall be the duty of a member of the Board who is in any way, whether directly or indirectly, interested in an application to the Authority for a contract or proposed contract with the Authority, to declare the nature of his interest at the first meeting of the Board at which it is practicable for him to do so. (2) A member of the Board shall not vote in respect of any contract or proposed contract with the Authority in which he is in any way interested, whether directly or indirectly. (3) Where any member of the Board who is in any way whether directly or indirectly interested in an application to the Authority for a contract or proposed contract with the Authority fails to declare the matter of his interest at the first meeting of the Board at which it is practicable for him to do so, or where such a member votes on any decision relating to such a contract or proposed contract, such contract shall, if entered into thereafter by the Board in ignorance of the interest of the member in the contract, be voidable at the discretion of the Board and, where such determination renders the Authority liable to a claim in damages, the member concerned shall indemnify the Authority against any such claim.