(a) Notwithstanding the provisions of sections 1-84 , 1-84a , 1-85 and 1-86 , a public official or state employee of a public institution of higher education whose employment is derived from such official's or employee's status as a student at such institution shall not be subject to the provisions of said sections, if (1) such institution has adopted written policies and procedures to regulate student conduct concerning conflicts of interest relating to student holding of public office or state employment, and (2) such policies and procedures have been approved by the Citizen's Ethics Advisory Board in accordance with subsection (b) of this section.
(b) Each public institution of higher education shall submit a written copy of its policies and procedures concerning standards of student conduct to the Citizen's Ethics Advisory Board for approval. Such policies and procedures shall be submitted triennially, except that, in the event there is a significant revision of such standards of student conduct, the public institution of higher education shall submit such revision to the board not later than thirty days after adopting such revision.