(1) A member of the Board who has an interest in a matter for consideration shall

(a) disclose the nature of the interest and the disclosure shall form part of the record of the consideration of the matter; and

(b) not participate in the deliberations of the Board in respect of that matter.

(2) A member ceases to be a member of the Board, if that member has an interest in a matter before the Board and

(a) fails to disclose that interest; or

(b) participates in the deliberations of the Board in respect1of that matter.

(3) Despite subsection (2), the Board shall refer the non-disclosure of interest by the member to the appropriate person or institution, if the Authority consequentially suffers irreparable loss or damage.