12. A member of the board shall not, under pain of forfeiture of office, take part in any deliberation or decision of the board concerning an application for financial support or a competition in which he has a direct or indirect interest, or intervene at any other stage of the process leading to a decision in respect of such an application or competition.
In addition, the chairman shall not, under pain of forfeiture of office, have any direct or indirect interest in an undertaking that puts his personal interest in conflict with that of the council. However, forfeiture is not incurred if the interest devolves to him by succession or gift, provided he renounces or disposes of it with dispatch.