Condo association management company could be a conflict of interest

Three out of the five of our condo association board members want to hire a condo association property manager that also rents their personal units. They each have a financial relationship with this company and the company also owns several condo units in our association.

Is this a conflict of interest? Are there any rules requiring board members to disclose this relationship, and potentially disqualify them due to the conflict of interest? For me, this seems like far too much control.