10.—(1) A member of the Authority shall, if he is in any way directly or indirectly interested in any contract or other transaction entered into or proposed to be entered into by the Authority which involves or is likely to involve any payment by or on behalf of the Authority, disclose the nature of his interest at a meeting of the Authority as soon as possible after the relevant circumstances have come to his knowledge.
(2) Any disclosure under sub-paragraph (1) shall be recorded in the minutes of the meeting, and that member of the Authority shall withdraw from the meeting while that contract or transaction is being considered and shall not take part after the disclosure in any deliberation or decision of the Authority with respect to that contract or transaction.
(3) Where under sub-paragraph (2) a member of the Authority is prohibited from taking part in any deliberation or decision, that member of the Authority shall be disregarded for the purpose of constituting a quorum for that deliberation or decision.