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 propose entered into or proposed to be entered into by or on behalf of the Corporation shall at the earliest possible opportunity disclose the nature of his interest to the Corporation 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.