11.—(1) A member of the Council, shall, if he is in any way directly or indirectly interested in a contract or any other transaction made or proposed to be made by the Council, disclose the nature of his interest at a meeting of the Council as soon as possible after the relevant circumstances have come to his knowledge.
(2) Any disclosure made by a member under the foregoing sub-paragraph shall be recorded in the minutes of the Council, and that member shall not take part after the disclosure in any deliberation or decision of the Council with respect to that contract or other transaction, but may, nevertheless, be taken into account for the purpose of constituting a quorum of the Council.