(1) No commissioner or employee of a rural development authority shall directly or indirectly acquire any interest in any development project or in any property included, or planned to be included, in any project.
(2) Nor shall a commissioner or employee have any direct or indirect interest in any contract or proposed contract for materials or services to be furnished for use in connection with any project.
(3) If any commissioner or employee of an authority owns or controls a direct or indirect interest in property included, or planned to be included, in any project, he immediately shall disclose it in writing to the authority. This disclosure shall be entered upon the minutes of the authority.
(4) Failure to disclose his interest shall constitute misconduct in office.