—(1) If any member of the Board has —
any beneficial interest in any land or building situated in an area comprised in any development or redevelopment plan or in any other project of the Board;
any beneficial interest in any company or undertaking with which the Board proposes to make any contract; or
an interest in any such contract,
he shall disclose to the Board the fact of his interest and the nature thereof.
(2) The disclosure under subsection (1) shall be recorded in the minutes of the Board, and the member shall take no part in any deliberation or decision of the Board relating to that plan, project or contract.