8(1)A member of a regional development agency who is in any way directly or indirectly interested in any matter that is brought up for consideration at a meeting of the agency, or any committee or sub-committee of the agency, shall disclose the nature of his interest to the meeting; and, where such a disclosure is made—
(a)the disclosure shall be recorded in the minutes of the meeting, and
(b)the member shall not take any part in any deliberation or decision of the agency, or any committee or sub-committee of the agency, with respect to that matter.
(2)If a member is not present at a meeting at which a matter in which he is interested is brought up for consideration, sub-paragraph (1) shall only apply to him if he was aware of the fact that the matter would be brought up for consideration at the meeting.
(3)For the purposes of sub-paragraph (1), a general notification given at a meeting of the agency by a member to the effect that he—
(a)has an interest in a specified company, firm or other organisation, and
(b)is to be regarded as interested in any matter involving that company, firm or other organisation,
shall be regarded as a sufficient disclosure of his interest in relation to any such matter.
(4)A member need not attend in person at a meeting in order to make a disclosure which he is required to make under this paragraph if he takes reasonable steps to secure that the disclosure is made by a notice which is read and considered at the meeting.
(5)The Secretary of State may remove a disability under this paragraph subject to such conditions as he considers appropriate.
(6)The power of the Secretary of State under sub-paragraph (5) includes power to remove, either indefinitely or for any period, a disability which would otherwise attach to any member, or members of any description, by reason of such interests, and in respect of such matters, as may be specified or described by the Secretary of State.
(7)Nothing in this paragraph precludes any member from taking part in the consideration or discussion of, or voting on, any question whether an application should be made to the Secretary of State for the exercise of the power conferred by sub-paragraph (5).