Section 12. Disqualification for participation in proceedings on account of interest.

A member, who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal proposed to be entered into by or on behalf of the Board, shall, at the earliest possible opportunity, disclose the nature of his interest to the Board and shall not be present at any meeting thereof when any such contract, loan, arrangement or proposal is discussed, unless his presence is required by other members for the purpose of eliciting information and no member so required to be present shall vote on any such contract, loan, arrangement or proposal.