Section 7(3) in The West Bengal Industrial Infra-Structure Development Corporation Act, 1974
(3)When any contract or loan is proposed to be entered into or taken by or on behalf of the Corporation, such proposal shall be circulated amongst the members of the Corporation, and any member who is directly or indirectly concerned or interested in any such contract or loan shall, within a week from the date of such communication, disclose in writing to the Corporation the nature, kind and extent of this aforesaid interest in such contract or loan, and such member shall not be present at the meeting or meetings of the Corporation in which any such proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information in connection therewith, but no member so required to be present shall vote on any such contract or loan:Provided that a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a shareholder of a company concerned or interested in any such contract or loan.
