20-2B-7. Conflicts of interest; disclosure.

If any director, officer, or employee of the education savings authority shall be interested, either directly or indirectly, or shall be a director, officer, or employee of or have an ownership interest in, other than a noncontrolling stockholder interest, or the substantial equivalent thereof, in a lender or school, any firm or corporation interested, directly or indirectly, in any contract with the education savings authority, except any agency, instrumentality, or political subdivision of the state, such interest shall be disclosed to and shall be set forth in the minutes of the education savings authority; and the director, officer, or employee having such interest therein shall not participate on behalf of the education savings authority or such party in the negotiation or the authorization of the contract. No provision of this article shall be construed, however, to prevent any otherwise eligible director, officer, or employee of the education savings authority or member of his or her family from being eligible to apply for and receive financial aid assistance provided for under this chapter.