(1) A member of an advisory panel who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the panel must disclose the nature of the interest at a meeting of the panel as soon as possible after the relevant facts have come to the member's knowledge.
(2) A disclosure under subsection ( 1) must be recorded in the minutes of the meeting of the panel.
(3) The Board must terminate the appointment of a member of an advisory panel if the member fails, without reasonable excuse, to comply with subsection ( 1).