7. The controllers shall devote all their time to the work of the Board and the duties of their office, and must not engage in any other occupation nor hold any other office.
No member, officer or employee of the Board shall, under pain of forfeiture of his office, have a direct or indirect interest in an undertaking putting his personal interest in conflict with that of the Board.
Such forfeiture, however, shall not be incurred if such interest devolves to him by succession or gift provided he renounces or disposes of it with all possible dispatch.
R. S. 1964, c. 87, s. 7; 1970, c. 25, s. 3.