(1) A member of the Authority, who has or acquires, directly or indirectly any share or pecuniary or other interest in any contract, loan, arrangement or proposal entered into, or proposed to be entered into, by or on behalf of the Authority shall cease to be a member of the Authority:
Provided that a member shall not be deemed to have any such share or interest by reason only of his being a share holder of a public limited company/concern in any such contract, loan, arrangement or proposal or that he himself or any relation of his, is employed by or on behalf of the Authority or he has such share or interest in his capacity as a member of the Authority or his property, or any property in which he has a share or interest, is or is being acquired or taken on lease by or on behalf of the Authority by agreement or according to any law for the time being in force.
(2) If any question arises whether a member of the Authority has become subject to the disqualifications mentioned in sub-section (1), the question shall be referred for the decision of the State Government and its decision shall be final.