No commissioner or employee shall acquire any interest, direct or indirect, in any dormitory project or in any property included or planned to be included in any project, nor shall he have any interest, direct or indirect, in any contract or proposed contract for materials or services to be furnished or used in connection with any dormitory project. If any commissioner or employee owns or controls an interest, direct or indirect, in any property included or planned to be included, in any dormitory project, he immediately shall disclose the same in writing to the authority and such disclosure shall be entered upon the minutes of the authority. Failure to so disclose such interest shall constitute misconduct in office. Upon such disclosure such commissioner or employee shall not participate in any action affecting such property or have any further connection or position with the commission.