(1) A member who is in any way, whether directly or indirectly, interested in an application to the Board or for a contract or proposed contract with the Board, shall declare the nature of his or her interest at the first meeting of the Board at which it is possible for the member to do so.
(2) A member shall not participate in the discussion of or vote in respect of any application to the Board or in respect of any contract or proposed contract with the Board in which the member is in any way interested, whether directly or indirectly.