§174-4 Interested members of the board or employees. No member of the board of land and natural resources or employees of the board shall acquire any interest, direct or indirect, in any land or water facility or project or in any property, included or planned to be included in any facility or project, nor shall any member of the board or employee of the board have any interest, direct or indirect, in any contract or proposed contract, for materials or services to be furnished or used in connection with any land or water facility or project. If any member of the board or employee of the board owns or controls an interest, direct or indirect, in any property included or planned to be included in any land or water facility or project, the member of the board or employee of the board shall immediately disclose the same in writing to the board and the disclosure shall be entered upon the minutes of the board. The member of the board or employee shall be immediately disqualified from taking any part in the action of the board relative to the land or water facility or project. Failure to so disclose the interest shall constitute misconduct in office. [L 1961, c 166, pt of §3; Supp, §86-4; HRS §174-4; gen ch 1985; am L 1987, c 306, §5]