27.0707 Disclosure of conflicting interests.

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(a) Any member, who otherwise than as a member, is directly or indirectly interested in any business of the board, shall, as soon as possible after the relevant facts have come to notice disclose the nature of his interest at a meeting of the board.

(b) A disclosure under subsection (a) of this section shall be recorded in the minutes of the board and except as otherwise provided by a resolution of the board, the member shall not take part after the disclosure in any deliberations or decisions relating to the business, but shall be counted as present for the purpose of forming a quorum of the board for any such deliberations or decisions.

History: Rule 3-82, eff 12 May 82, § 7.