No member of the authority shall participate in any decision on any contract of insurance in which the member has any interests, direct or indirect, in any firm, partnership, corporation, or association that would be the mortgagee, whose loan to a local development corporation is insured by the authority, or if the member has any interest, direct or indirect, in any firm, partnership, corporation, or association that would rent, lease, or otherwise occupy the premises constructed by the local development corporation where the corporation’s mortgage is insured by the authority, or if the member is a director or officer or otherwise associated with the local development corporation whose mortgage is insured by the authority.
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