Paragraph 2
If a person has any pecuniary interest, direct or indirect, in any contract, proposed contract or other matter and is present at a meeting of the governing body at which the contract or other matter is the subject of consideration, he shall at the meeting and as soon as practicable after its commencement disclose the fact and–
take no part in the consideration or discussion of the contract or matter;
unless the governing body otherwise allow, withdraw from the meeting during such consideration or discussion; and
not vote on any question with respect to the contract or matter.
For the purposes of this paragraph a person shall be treated as having an indirect pecuniary interest in a contract, proposed contract or other matter if–
he or any nominee of his is a member of a company or other body with which the contract was made or is proposed to be made or which has a direct pecuniary interest in the matter under consideration; or
he is a partner, or is in the employment, of a person with whom the contract was made or is proposed to be made or who has a direct pecuniary interest in the matter under consideration:
Provided that a person shall not by virtue of this sub-paragraph be treated as so having such an interest by reason only of his membership of, or employment under, any public body or by reason only of his membership of a company or other body if he has no financial interest in any securities of that company or other body.
For the purposes of this paragraph a person shall be treated as having a direct or indirect pecuniary interest in a contract, proposed contract or other matter if a relative (including his spouse) living with him to his knowledge has, or would be treated as having, such an interest, direct or indirect.