A member of the Board or of a Committee thereof, who-
(i) has any direct or indirect pecuniary interest in any matter coming up for consideration at, a meeting of the Board or a Committee thereof, or
(ii) is interested professionally on behalf of a client or as agent for any person other than the Government or an undertaking owned or controlled by the Government or a local authority or a trade union registered under the Trade Unions Act, 1926 (16 of 1926) or member of an association formed for the purpose of promoting the interest or welfare of any class of employees of the Board, shall, as soon as possible after relevant circumstances have come to his knowledge disclose the nature of his interest at such meeting and the disclosure shall be recorded in the minutes of the meeting of the Board or, as the case may be, the Committee, and the member shall not take part in any deliberation or decision of the Board or the Committee with respect to that matter.