(1) A member of the Board who is in any way, whether directly or indirectly, interested in a contract or proposed contract with the Board or in any other matter whatsoever in which the Board is concerned, shall declare the nature of his or her interest at the first meeting of the Board at which he or she is present after the relevant facts have come to his or her knowledge.
(2) A member shall not take part in any deliberation or decision of the Board with respect to any transaction with the Board or any other matter with which the Board is concerned in which he or she has whether directly or indirectly any interest.
(3) A member who fails to comply with the provisions of this section commits an offence and is liable on summary conviction to a fine of $1,000 or to imprisonment for 6 months unless he or she proves that he or she did not know that a contract, proposed contract or other matter in which he or she had a personal interest was the subject of consideration at the meeting.
(4) A disclosure under subsection (1) shall be recorded in the minutes of the Board.