No member of the board of land and natural resources or officer or employee administering this chapter shall acquire any interest, direct or indirect, in any development project or in any property included or planned to be included in any development project other than by gift, devise, or inheritance; nor shall the member, officer, or employee have or acquire any interest, direct or indirect, in the financing of any development project or in any contract or proposed contract for materials or services to be furnished or used in connection with or relating to any development project. If any member, officer, or employee has or acquires an interest, by gift, devise, or inheritance, direct or indirect, in any development project or in any property included or planned to be included in any development project, the member, officer, or employee shall immediately disclose the same in writing to the board and the disclosure shall be entered upon the minutes of the board; and the member, officer, or employee shall dispose of the interest within six months of the acquisition or initiation of the project, whichever shall last occur. The member, officer, or employee shall not participate in any action by the board relating to the property, project, or contract in which the member, officer, or employee has or acquires any interest. Violation of this section shall constitute, in case of the member or officer, misconduct in office or, in case of an employee, cause for dismissal.