7(1)A member of the Commission who is in any way directly or indirectly interested in an individual contract entered into or proposed to be entered into, or an individual grant, loan or other payment made or proposed to be made, by the Commission shall disclose the nature of his interest at a meeting of the Commission; and—
(a)the disclosure shall be recorded in the minutes of the Commission, and
(b)the member shall not take any part in any deliberation or decision of the Commission with respect to that contract or grant, loan or other payment.
(2)For the purposes of sub-paragraph (1), a general notice given at a meeting of the Commission by a member of the Commission to the effect—
(a)that he is a person with whom a contract may be entered into, or to whom a grant, loan or other payment may be made, by the Commission, or
(b)that he is a member of a specified body with which a contract may be entered into, or to which a grant, loan or other payment may be made, by the Commission,
shall be regarded as a sufficient disclosure of his interest in relation to any contract subsequently entered into with, or grant, loan or other payment made to, him or the body.
(3)A member of the Commission need not attend in person at a meeting of the Commission in order to make any 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 brought up and read out at the meeting.