(1)  A member of the Board who has a direct or indirect interest (whether pecuniary or otherwise) in a matter being considered or about to be considered by the Board (otherwise than as a member of, and in common with the other members of, an incorporated company consisting of not less than 25 persons and of which he is not a director) shall, as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of the Board.

(2)  A disclosure under subsection (1) shall be recorded in the minutes of the meeting of the Board and the member shall not be present during, or take part in, any deliberation or decision of the Board in relation to that matter.