(1) The board of directors of each community college may adopt written policies authorizing the community college to purchase commodities and services from members of the board and employees of the community college.
(2) The board may restrict the purchases to competitive bids or negotiated purchases, or both.
(3) When any board member would derive financial gain from a sale to the community college, and if the board is required to vote on the purchase, that board member shall not vote on that issue.
(4) The president of each community college shall maintain a file of all documents pertaining to sales to the community college by members of its board or its employees.
(5) Such documents shall be: Maintained for five (5) years;
(6) Open to public inspection under the Freedom of Information Act of 1967, § 25-19-101 et seq.; and
(7) Audited by the Division of Legislative Audit.
(8) No member of a community college board of directors and no employee of a community college shall, in an effort to influence the college to purchase commodities or services from him or her: Coerce, bribe, or threaten economic sanctions against any board member or employee of the college in an effort to influence the decision on the purchase; or
(9) Purposely omit, conceal, or falsify material facts to a board member or employee regarding the transaction.