16.—(1) Where a member of the staff of the Authority or a subsidiary of the Authority has an interest, otherwise than in his capacity as such a member, in any contract, agreement or arrangement, or proposed contract, agreement or arrangement, to which the company or the subsidiary is a party, he shall—

(i) disclose to the Authority or the subsidiary, as the case may be, his interest and the nature thereof,

(ii) take no part in the negotiation of the contract, agreement or arrangement or in any deliberation by directors or members of the staff of the company or the subsidiary in relation thereto, and

(iii) make no recommendation in relation to the contract, agreement or arrangement.

(2) Subsection (1) does not apply to contracts, or proposed contracts, of employment of members of the staff of the Authority with the Authority or of a subsidiary of the Authority with the subsidiary.