No dealing, contract, or arrangement, entered into by, or on behalf of the club, shall be avoided, or involve any liability for an accounting to the club or otherwise, by reason of the interest therein of any officer, director, or member of the club, either personally, or by reason of his connection with, it interest in, any other corporation or organization interested in any such dealing, contract, or arrangement; provided that the fact of such interest therein of any such officer or director, acting thereon (though not necessarily the nature or extent of such interest) shall first be disclosed or known to the Board of Directors or a disinterested majority thereof.

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