(1) A member of the Board who has a personal interest in a transaction of the Board or a matter before the Board shall disclose the nature of his or her interest to the Board.
(2) A member of the Board who discloses an interest under subsection (1) is disqualified from taking part in the deliberations of the Board with respect to that transaction or matter.
(3) Failure of a member of the Board to make a disclosure under subsection (1) constitutes sufficient reason for the removal of the member from the Board.