Disqualification for participation in proceedings of Corporation or Committee on account of interest.

<span style="margin-left:15px;"></span>(<i>1</i>) A member who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into, by or on behalf of the Corporation, shall at the earliest possible opportunity, disclose the nature of his interest to the Corporation, and shall not be present at any meeting of the Corporation when any such contract, loan, arrangement or proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information, but no member so required to be present shall vote on any such contract, loan, arrangement or proposal. <br> <span style="margin-left:15px;"></span>(<i>2</i>) If any member of the Corporation or of a Committee appointed by the Corporation has directly or indirectly any interest in any area in which it is proposed to acquire land for any of the purposes of this Act, he shall not take part in any meeting of the Corporation or Committee thereof in which any matter relating to such land is considered.<br> <span style="margin-left:15px;"></span>(<i>3</i>) Nothing in sub-section (<i>1</i>) or (<i>2</i>) shall prevent any member of the Corporation or a Committee thereof from voting on, or taking part in, the discussion of any resolution or question relating to any subject other than the subject referred to in the said sub-sections: <br> <span style="margin-left:15px;"></span>Provided that, a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a share-holder of the company concerned in any such contract, loan, arrangement or proposal. <br>